Fitch rates Tenet notes B-

Fitch Ratings said it assigned Tenet Healthcare Corp.'s new $500 million senior unsecured notes issue due 2015 a B- rating, consistent with the company's existing senior unsecured ratings that have also been affirmed by Fitch. The outlook remains negative.

Proceeds from the new issue are expected to repurchase outstanding Tenet debt maturing in 2006 and 2007.

Fitch said if the debt repurchase is completed as planned, Tenet will greatly improve its maturity schedule, and the company will face no significant maturities until 2011.

Tenet's rating reflects the company's high leverage, continued operational difficulties and potential cash burn in 2005, coupled with a modestly challenging industry environment, according to Fitch.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.