Moody's rates Tenet notes Ba3

Moody's Investors Service said it assigned a Ba3 (LGD 3-38%) rating to Tenet Healthcare Corp.'s offering of $1.05 billion of senior secured notes due 2021.

Moody's existing ratings of the company, including the B1 corporate family rating and B1-PD probability of default rating, remain unchanged.

The outlook remains stable.

Moody's said the proceeds of the offerings will be used to fund the purchase of the company's 8 7/8% senior secured notes due 2019 resulting in an improved maturity profile and interest cost savings. Moody's will withdraw the ratings on the 8 7/8% senior secured notes upon the successful completion of the tender offer.

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