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Moody's gives B1 to Tenet Healthcare notes
Moody's Investors Service said it assigned a B1 rating to Tenet Healthcare Corp.’s new senior secured first-lien notes due 2029.
There is no change to the B2 corporate family rating, B2-PD probability of default rating, B1 senior secured first-lien ratings, B1 senior secured second-lien ratings, and Caa1 senior unsecured ratings for Tenet. There is also no change to the speculative grade liquidity rating of SGL-2.
The outlook is stable.
“Moody's expects that Tenet will use proceeds from the new senior secured first-lien notes, along with existing cash, to fund the refinancing of roughly $1.4 billion of senior secured second-lien notes that come due in May 2025 and associated redemption premiums, fees, and expenses.
“Moody's views this transaction as being modestly credit positive, as it will generate $10-15 million of annualized interest savings and further extend Tenet's maturity profile,” Moody’s said in a news release.
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