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Moody's boosts HCA
Moody's Investors Service said it boosted the ratings of HCA Inc. and HCA, Inc. (Oldco)/ These included upgrading the senior unsecured ratings to Baa3 from Ba2 and the senior secured bank credit facility to Baa2 from Baa3.
Moody's affirmed the Baa1 rating on HCA's asset-based lending facility and the Baa3 rating on the senior secured notes. The rating agency withdrew all ratings on HCA Healthcare, Inc., including the Ba1 corporate family rating, Ba1-PD probability of default rating and the SGL-1 speculative grade liquidity rating, in addition to the outlook, previously stable. The outlooks for HCA and HCA (Oldco) are stable.
“The upgrade of the senior unsecured ratings to Baa3, along with the concurrent withdrawal of the CFR, reflects the financial resiliency of HCA's business model and growing evidence that the company can operate effectively with moderate financial leverage. HCA's adjusted debt to EBITDA approximated 3.1 times as of March 31, 2021,” Moody’s said in a press release.
“The upgrade of the senior secured bank credit facility ratings to Baa2 reflects the benefit of the collateral supporting these debts and the significant amount of unsecured debt below it,” the agency said.
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