S&P assigns Tenet notes B+

S&P said it assigned B+ issue-level and 2 recovery ratings to Tenet Healthcare Corp.'s planned $1.45 billion of first-lien senior secured notes due in 2030. The 2 recovery rating indicates an expectation for substantial (70%-90%; rounded estimate: 70%) recovery in default.

The company plans to use the proceeds for its pending acquisition of ownership interest in 92 ambulatory surgical centers from SurgCenter Development.

“Our other ratings on Tenet, including our B issuer rating, are unchanged,” S&P said in a press release.

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