S&P may upgrade HCA

Standard & Poor's said it placed its B+ corporate credit rating on HCA Inc. and the ratings on its secured and unsecured debt on CreditWatch with positive implications.

The speculative-grade rating continues to reflect a view that the largest U.S. owner and operator of acute health-care facilities is particularly sensitive to reduced capacity utilization and pricing, S&P said, by virtue of the significant debt leverage assumed in its November 2006 leveraged buyout.

While the company has a large portfolio of 162 hospitals and 106 ambulatory surgery centers, the agency said it believes a concentration in several of its markets highlights both its strength and vulnerability.

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