Moody's: Ardent view developing

Moody's Investors Service said it affirmed the ratings of Ardent Health Services and changed the outlook to developing.

Ratings affirmed include the $150 million senior secured revolving credit facility due 2008 at B1, the $300 million term loan B due 2011 at B1, the $225 million senior subordinated notes due 2013 at B3, the senior implied rating at B1, and the senior unsecured issuer rating at B2.

This action follows the announcement by Ardent that it has agreed to sell its behavioral health division, consisting of 20 behavioral hospitals, to Psychiatric Solutions Inc. in a transaction valued at $560 million.

Ardent also announced that it will begin a tender offer and consent solicitation relating to its $225 million 10% senior subordinated notes due 2013 in conjunction with the transaction.

Moody's said the developing outlook reflects the fact that Moody's will continue to evaluate the company's strategy and anticipated capital structure in light of this transforming event.

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