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Moody's assigns Baa3 to HCA notes
Moody's Investors Service said it assigned a Baa3 rating to HCA Inc.'s upcoming offering of senior unsecured notes.
The company's Baa2 rating for its senior secured bank credit facility, the Baa1 rating for its senior secured ABL revolving credit facility and the stable outlook are unchanged, Moody’s said.
HCA intends to use the proceeds for general corporate purposes, which may include the repayment of borrowings from its senior secured asset-based revolving credit facility and the $2 billion of unsecured notes due 2024.
“To the extent that proceeds are used to repay asset-based credit facility borrowings, the transaction is credit positive because it is leverage neutral and it will extend HCA's debt maturities while improving liquidity,” the agency said in a statement.
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