Fitch rates HCA notes BB-

Fitch Ratings said it assigned a BB- rating to HCA Inc.’s $1.6 billion senior notes.

The company will use the proceeds of the proposed notes to refinance senior debt obligations of HCA Holdings, Inc., Fitch said.

HCA has an issuer default rating of BB-, senior secured credit facilities rating of BB+, senior secured first-lien notes rating of BB+ and senior unsecured notes rating of BB-.

HCA Holdings has an issuer default rating of BB- and senior unsecured notes rating of B.

The outlook is stable.

HCA’s financial flexibility has improved significantly in recent years as a result of organic growth in the business and proactive management of the capital structure, Fitch said.

The company has industry-leading operating margins and generates consistent and ample discretionary cash flows, the agency said.

The company also benefited from this favorable operating profile during a period of several years of weak organic operating trends in the for-profit hospital industry, Fitch said.

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