S&P rates Tenet notes BB-

S&P said it assigned its BB- rating to Tenet Healthcare Corp.’s proposed $600 million of senior secured first-lien notes due in 2028. The recovery rating is 1, same as for the existing first-lien debt, indicating S&P’s expectation for very high (90%-100%; rounded estimate: 90%) recovery in the event of a payment default.

The company intends to use the proceeds for general corporate purposes and to repay debt.

Tenet’s B long-term issuer credit rating is unchanged, and the outlook is stable, S&P said.

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