S&P rates Tenet notes BB-

S&P said it assigned its BB- issue-level and 2 recovery ratings to Tenet Healthcare Corp.'s planned $1.35 billion of senior secured first-lien notes due 2031. The 2 recovery rating indicates substantial (70%-90%; rounded estimate: 70%) recovery in default.

Tenet is expected to use the proceeds and cash on hand to redeem all its 4 5/8% senior secured first-lien notes due July 2024 and all its 4 5/8% notes due September 2024. Both are also rated BB- with 2 recovery ratings. “The transaction is leverage neutral,” the agency said in a statement.

The outlook is stable.

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