S&P gives Tenet loan BB-

Standard & Poor's said it assigned its loan and recovery ratings to Tenet Healthcare Corp.'s $800 million senior secured revolving credit facility due 2011.

The revolver is rated BB-, two notches higher than the B corporate credit rating on Tenet, with a recovery rating of 1, the agency said.

The corporate credit rating on Tenet is B/stable/B-3, the agency said, adding that the B rating reflects the company's weak operating performance, cash flow and financial profile over the past several years.

These factors override the still reasonably large size and scale of the company's hospital facility base, which is much smaller than it was several years ago due to significant downsizing efforts, S&P noted.

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