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Fitch rates Tenet Healthcare notes B
Fitch Ratings said it assigned a B rating with a recovery rating of RR3 to Tenet Healthcare Corp.'s $600 million 8% senior unsecured notes due 2020. The company has an issuer default rating of B-, secured bank facility of BB- with a recovery rating of RR1, senior secured notes of BB- with a recovery rating of RR1 and senior unsecured notes of B with a recovery rating of RR3.
The outlook is positive.
The proceeds will be used to refinance a portion of the company's $1 billion senior unsecured notes due 2013.
The ratings reflect the company's improving liquidity outlook, Fitch said, but its strained free cash flow remains a concern.
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