Providence assigned 'A' rating on $383M of new debt 

Renton, Wash.-based Providence was assigned an "A" long-term rating to new debt totaling $383 million, Fitch said May 19.

The proceeds were used to reduce an existing credit line by $350 million, with the remaining $33 million for financing new debt.

The new rating, the same as the system's default rating, follows three straight downgrades the 51-hospital system endured earlier this year. The outlook for the new bonds is negative.

Providence, which has annual revenues of about $26.4 billion, operates in seven states and enjoys a leading market share in its key markets, Fitch said.

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