Tenet’s Credit Ratings Lowered by S
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Tenet Healthcare Corp., the second-biggest U.S. hospital company, had its credit ratings cut by Standard & Poor’s rating service two days after the company said it was forced to renegotiate a bank agreement.
S&P; lowered Tenet’s corporate credit and senior secured bank loan ratings to B from B-plus and its unsecured notes two levels to B-minus from B-plus.
The new corporate credit rating is five notches below investment grade and the unsecured rating is six below investment grade. Tenet had about $4 billion in debt as of Sept. 30, S&P; said.
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