S&P may lower Ardent Health

Standard & Poor's said it placed its ratings on Ardent Health Services Inc. on CreditWatch with negative implications, including the company's B+ corporate and senior secured bank loan ratings and B- subordinated debt rating.

The CreditWatch listing reflects S&P's increasing concerns about the hospital chain's ability to control its operations in a period of rapid growth and manage its tightened liquidity. Ardent's growth is illustrated by its ballooning revenues, which have increased by about 70% since 2003, taking into account its recent acquisition of Hillcrest HealthCare System.

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