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Fitch drops Universal Health
Fitch Ratings said it has taken the following ratings actions on Universal Health Services, Inc.: issuer default rating downgraded to BB- from BB; senior unsecured bank credit facility downgraded to BB- from BB; senior unsecured notes downgraded to BB- from BB; senior secured bank credit facility affirmed at BB; and senior secured notes rating assigned at BB.
The outlook is stable.
On May 18, Fitch said it downgraded the company's issuer default rating to BB from BBB and placed all ratings on rating watch negative following the company's announcement that it had agreed to purchase Psychiatric Solutions, Inc. in an entirely cash funded $3.1 billion transaction.
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