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S&P gives HCA notes BB-
S&P said it assigned its BB- issue-level rating and 6 recovery rating to HCA Inc.'s proposed senior unsecured notes due 2030. The 6 recovery rating indicates an expectation for negligible (0%-10%; rounded estimate: 0%) recovery for lenders in the event of payment default and is the same as the recovery rating on HCA's unsecured debt. The transaction is leverage neutral because the company will use the proceeds to refinance HCA Healthcare Inc.'s 6¼% senior notes due 2021 and extend HCA's maturity schedule.
“Our BB+ issuer credit rating on parent company HCA Healthcare Inc. continues to reflect its substantial scale, diversified business mix, and market presence, which favorably distinguish it from other investor-owned health care services companies. The rating also reflects our belief that HCA will likely maintain leverage in the 4x area despite increasing its EBITDA,” said S&P in a press release.
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