Fitch puts Tenet on negative watch

Fitch Ratings said it placed Tenet Healthcare Corp.'s ratings on Rating Watch negative after the company announced it received a notice of default from holders of $139.9 million of the $450 million outstanding principal of the company's 6 7/8% senior unsecured notes due 2031.

The notice was delivered pursuant to the terms of the indenture governing the notes and cites Tenet's failure to file its form 10-Q for the three months ended June 30 on a timely basis with the Securities and Exchange Commission and the notes' trustee.

Tenet's current ratings include its senior unsecured notes at B-, its issuer default rating at B- and its recovery rating of R4.

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