Moody's assigns B1 to Tenet Healthcare

Moody's Investors Service said it assigned a B1 rating to Tenet Healthcare Corp.'s offering of $1.8 billion of senior secured first-lien notes due 2030.

All other ratings are unchanged including its B1 corporate family rating, B1-PD probability of default rating, B3 senior unsecured notes ratings and the SGL-1 speculative grade liquidity rating.

Tent plans to use the proceeds and cash on hand to finance the redemption of all $1.748 billion outstanding of its 6¾% senior notes due 2023. “Moody's views the offering as credit positive as it is leverage neutral and will lengthen Tenet's debt maturity profile,” the agency said in a press release.

The outlook remains stable.

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