Fitch Ratings has upgraded hospital operator HCA's credit rating for its senior secured second lien notes from B+/RR3 to BB-/RR2, removing the "rating watch positive" status for the company, according to a Bloomberg Businessweek report.
Fitch labeled the company's rating outlook as "positive," and affirmed the non-investment grade ratings for HCA's senior secured first lien notes, senior unsecured notes, secured bank credit facility and its default rating, according to the report.
The move by Fitch reflects HCA's improved credit profile along with the potential for significant debt reduction as the company proceeds with its planned $2.5 billion initial public offering, according to the report.
Read the Bloomberg Businessweek report on HCA.
Read more coverage on HCA:
- HCA Likely to Hold Off on IPO Until Next Year
- HCA Revenue Up 3.7% for 2Q
- HCA Sues Tennessee Blues for $7.8M Over Network Arrangement
Fitch labeled the company's rating outlook as "positive," and affirmed the non-investment grade ratings for HCA's senior secured first lien notes, senior unsecured notes, secured bank credit facility and its default rating, according to the report.
The move by Fitch reflects HCA's improved credit profile along with the potential for significant debt reduction as the company proceeds with its planned $2.5 billion initial public offering, according to the report.
Read the Bloomberg Businessweek report on HCA.
Read more coverage on HCA:
- HCA Likely to Hold Off on IPO Until Next Year
- HCA Revenue Up 3.7% for 2Q
- HCA Sues Tennessee Blues for $7.8M Over Network Arrangement