Tenet Healthcare Corporation http://www.alacrastore.com/company-snapshot/Tenet_Healthcare_Corporation-1011807 Friday, January 09, 2009 5:05:26 AM 1011807 Tenet Healthcare Corporation en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/fitch/452777_pr_framefitch/452777_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Owens & Minor, Inc.Abbott LaboratoriesBoston Scientific CorporationSchering-Plough CorporationExpress Scripts, Inc.Community Health Systems, Inc.HCA Inc.DaVita, Inc.Tenet Healthcare CorporationMcKesson CorporationLife Technologies CorporationWatson Pharmaceuticals, Inc.Merck & Company, Inc.Johnson & JohnsonEli Lilly & CompanyAllergan, Inc.AmerisourceBergen CorporationLifepoint Hospitals, Inc.Cardinal Health, Inc.Covidien Ltd.Amgen, Inc.Health Management Associates, Inc.Baxter International, Inc.Royalty Pharma Finance TrustBeckman Coulter, Inc.Universal Health Services, Inc.Thermo Fisher Scientific IncWyethPfizer Inc.Medco Health Solutions, IncBristol-Myers Squibb Company8168349980656236800895268009159181609655803614198008991880843884818413808036137281841365829531258036159280089369800920878071041080090087800917408009101380361630858000738008936880091773825087728009116680091113850944738168347280090628864693238009020612/10/2008 2:19:00 PM01031702010300000104000001031703010000000103170085Press ReleaseJNJWYEWPIAMGNCAHLIFETHCHMAABTSGPAGNBAXOMIMCKMRKBMYCOVABCUHSLLYLPNTBECESRXDVABSXMHSPFECYHTMO452777_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/spcred/82087spcred/82087normThe latest News from S&Pglobalstructured12/9/2008 2:58:36 AM100News82087United StatesHealth Care FacilitiesUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHealth CareNewsNY -- Standard&Poor's CreditWire 10/1/98 -- Standard&Poor's today affirmed its ratings on Tenet Healthcare Corp. following the company's announcement that it was acquiring eight Philadelphia-area hospitals and Allegheny University of the Health Sciences from Allegheny Health, Education, Research Foundation for $345 million. The Santa Barbara, Calif.-based company's speculative-grade ratings incorporate the health care services company's important position as the second largest domestic owner and operator of acute care hospitals, offset by its significant debt burden. Although the acquisition further enhances Tenet's geographic diversity, it carries additional operating risks and increases the company's debt load. Nevertheless, given Tenet's expansive operations and cash flow characteristics, it has sufficient capacity within its current rating to acquire these underperforming assets,USA63688688033G88033F35102020 351020 3510 35Tenet Healthcare Corp.101625USATHCNEWSGLOBISSSTRUCCORPABSHealthCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/80635spcred/80635normThe latest News from S&Pstructuredglobal12/9/2008 2:58:36 AM100News80635United StatesHealth Care FacilitiesUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHealth CareNewsNY -- Standard&Poor's CreditWire 11/18/97 -- Standard&Poor's today affirmed its ratings on Tenet Healthcare Corp. and removed the ratings from CreditWatch where they were placed with positive implications on July 24, 1997 (see list below). This action follows the absence of a stock-financed acquisition of higher-rated Columbia/HCA with which the company had acquisition discussions. Tenet's speculative-grade ratings reflect the Santa Barbara, Calif.-based company's strong position as the second largest domestic acute care hospital company, offset by a heavy debt burden. Tenet maintains strong local market positions in Southern California, South Florida, and several other regional markets. The company's regional presence is often further enhanced by relationships with neighboring not-for profit systems. This expanded local presence isUSA63688688033G88033F35102020 351020 3510 35Tenet Healthcare Corp.101625USATHCNEWSGLOBISSSTRUCCORPABSHealthCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/8072spcred/8072normThe latest News from S&Pglobalstructured12/9/2008 2:58:36 AM100News8072United StatesHealth Care FacilitiesUnited StatesGlobal IssuersStructured FinanceAsset-Backed SecuritiesCorporationsHealth CareNewsNY -- Standard&Poor's CreditWire 7/24/97 -- Standard&Poor's today has placed its ratings of Tenet Healthcare Corp. on CreditWatch with positive implications as follows: -- Double-`B' corporate credit rating, -- Double-`B' senior unsecured debt, -- Double-`B' $2.5 billion senior unsecured revolving credit facility, and -- Single-`B'-plus subordinated debt. The CreditWatch placements follows reports that Tenet is in discussions to acquire Columbia/HCA Healthcare Corp. for stock. If the stock transaction were consummated, Tenet's business position would be greatly enhanced and its financial profile improved. The combined company would have about $30 billion of revenues, 470 hospitals and 640 home-health agencies in the U.S. and Europe. Tenet could reap significant synergies from redundant overhead, service rationalization, greater negotiation leverageUSA63688688033G88033F35102020 351020 3510 35Tenet Healthcare Corp.101625USATHCNEWSGLOBISSSTRUCABSCORPHealthCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/78463spcred/78463normThe latest News from S&Pglobalstructured12/9/2008 2:58:36 AM100News78463United StatesHealth Care FacilitiesUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHealth CareNewsNY -- Standard&Poor's CreditWire 10/17/96 -- Standard&Poor's today has placed its ratings of OrNda HealthCorp on CreditWatch with positive implications (see list below). The CreditWatch listing follows the company's announced signing of an agreement to be acquired by Tenet Healthcare Corp. for $1.82 billion in stock. Tenet will be assuming OrNda's debt. Tenet's ratings remain on CreditWatch with positive implications (see list), where they were placed July 30, 1996, pending a review of the company's strategy. The combined company will have 126 hospitals in 22 states with revenues in excess of $8.5 billion. Importantly, the combined company's business position will be strengthened in Southern California, Houston, Dallas and South Florida. Standard&Poor's expects to meetUSA63688688033G88033F35102020 351020 3510 35Tenet Healthcare Corp.101625USATHCNEWSGLOBISSSTRUCCORPABSHealthCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/76899spcred/76899normThe latest News from S&Pstructuredglobal12/9/2008 2:58:35 AM100News76899United StatesHealth Care FacilitiesUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHealth CareNewsNY -- Standard&Poor's CreditWire 3/26/96 -- Standard&Poor's has raised its ratings on $800 million of Tenet Healthcare Corp.'s senior unsecured debt to double-`B' from double-`B'-minus and has removed the ratings from CreditWatch, where they were placed March 12, 1996. The Santa Monica, Calif.-based health care provider has signed a new $1.55 billion unsecured bank credit facility that places holders of the rated senior public debt on a par with bank lenders. The elimination of the secured bank position lead to the removal of the rating distinction between Tenet's double-`B' corporate credit rating and its senior unsecured debt. At the same time, Standard&Poor's today has affirmed its double-`B' corporate credit rating, and single-`B'-plus rating onUSA63688688033G88033F35102020 351020 3510 35Tenet Healthcare Corp.101625USATHCNEWSGLOBISSSTRUCCORPABSHealthCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/75901spcred/75901normThe latest News from S&Pglobalstructured12/9/2008 2:58:35 AM100News75901United StatesHealth Care FacilitiesUnited StatesGlobal IssuersStructured FinanceAsset-Backed SecuritiesCorporationsHealth CareNewsNY -- Standard&Poor's CreditWire 11/14/95 -- Standard&Poor's assigns its single-`B'-plus rating to Tenet Healthcare Corp.'s offering of $310 million exchangeable subordinated notes due 2007. In addition, Standard&Poor's affirms its double-`B' senior debt rating of the Santa Monica, Calif.-based hospital chain's operating unit, American Medical International, and on Tenet's single-`B'-plus subordinated debt. Also, Standard&Poor's raises its rating of Tenet's senior unsecured debt to double-`B'-minus from single-`B'-plus, reflecting the improved position of debtholders with the refinancing of senior secured bank borrowings. About $2 billion of company debt is rated. Tenet's speculative-grade rating reflects the health care provider's efforts to improve its market presence in an increasingly competitive field, and its significant debt burden. TheUSA63688688033G88033F35102020 351020 3510 35Tenet Healthcare Corp.101625USATHCNEWSGLOBISSSTRUCABSCORPHealthCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/76794spcred/76794normThe latest News from S&Pglobalstructured12/9/2008 2:58:35 AM100News76794United StatesHealth Care FacilitiesUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHealth CareNewsNY -- Standard&Poor's CreditWire 3/12/96 -- Standard&Poor's places its double-`B'-minus rating on Tenet Healthcare Corp.'s $800 million senior unsecured debt on CreditWatch with positive implications in conjunction with the Santa Monica, Calif.-based health care provider's announcement that it has negotiated a new $1.55 billion unsecured bank credit facility. The new agreement places holders of the rated senior public debt on a par with bank lenders, which currently have a prior lien on Tenet's assets in the event of a bankruptcy. The revised credit facility eliminates the secured bank position, and should be sufficient to remove the notching distinction between the rated debt and Tenet's double-`B' corporate credit rating. Any rating action will await signing of theUSA63688688033G88033F35102020 351020 3510 35Tenet Healthcare Corp.101625USATHCNEWSGLOBISSSTRUCCORPABSHealthCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/77889spcred/77889normThe latest News from S&Pglobalstructured12/9/2008 2:58:35 AM100News77889United StatesHealth Care FacilitiesUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHealth CareNewsNY -- Standard&Poor's CreditWire 7/30/96 -- Standard&Poor's today has placed its double-`B' senior debt and single-`B'-plus subordinated debt ratings on Tenet Healthcare Corp. on CreditWatch with positive implications. The double-`B' senior debt and single-`B'-plus subordinated debt ratings of American Medical International Inc. and the double-`B' senior debt rating of American Medical International N.V. (guaranteed by American Medical International Inc.) also have been placed on CreditWatch with positive implications. This action affects some $2 billion of securities issued by Tenet and its American Medical units. The CreditWatch placement follows the Santa Monica, Calif.-based hospital chain's posting of a significant operating improvement in fiscal 1996. Same-facility revenues were up 5.6% versus those of the prior year, aided byUSA63688688033G88033F35102020 351020 3510 35Tenet Healthcare Corp.101625USATHCNEWSGLOBISSSTRUCCORPABSHealthCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/5951spcred/5951normThe latest News from S&Pglobalstructured12/9/2008 2:57:59 AM100News5951United StatesHealth Care FacilitiesUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHealth CareNewsStandard&Poor's today has assigned its double-'B' rating to Tenet Healthcare Corp.'s $2.5 billion unsecured bank revolving credit facility and proposed issue of $200 million senior notes due 2003, and $600 million senior notes due 2005. Tenet's offering of $500 million senior subordinated notes due 2007 is rated single-'B'-plus. In addition, Standard&Poor's has affirmed its double-'B' senior and single-'B'-plus subordinated ratings on $2.1 billion of debt issued by Tenet and its unit, American Medical International N.V. These ratings have been removed from CreditWatch where they were placed August 6, 1996. The double-'B' rating on American Medical International Inc.'s $75 million senior unsecured notes is withdrawn and also removed from CreditWatch. The single-'B' rating on OrNda HealthCorp's $525USA63688688033G88033F35102020 351020 3510 35Tenet Healthcare Corp.101625USATHCNEWSGLOBISSSTRUCCORPABSHealthCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/591794spcred/591794normThe latest Full Report from S&Pglobalstructured12/9/2008 2:57:58 AM400Full Report591794United StatesHealth Care FacilitiesUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHealth CareFull ReportRelatively good diversity within hospital portfolio; Potential benefits of turnaround efforts, such as cost-saving opportunities and improved pricing; and No significant debt maturities until 2011. Risk of future government reimbursement changes; Weak patient volume trends compared with those of peer hospital companies; Continued growth in uninsured patient volume; and Slim financial cushion. The low-speculative-grade ratings on Texas-based hospital operator Tenet Healthcare Corp. reflect the company's weak operating performance, cash flow, and financial risk profile. These factors overshadow the still reasonably large size and scale of the company's hospital facility base, which is much smaller than it was several years ago because of significant downsizing efforts. Tenet's operations have been improving, but continue to struggle with subpar margins from continuing operationsUSA63688688033G88033F35102020 351020 3510 35Tenet Healthcare Corp.101625USATHCFULLGLOBISSSTRUCCORPABSHealthCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/591797spcred/591797normThe latest Summary from S&Pglobalstructured12/9/2008 2:57:58 AM175Summary591797United StatesHealth Care FacilitiesUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHealth CareSummaryThe low-speculative-grade ratings on Texas-based hospital operator Tenet Healthcare Corp. reflect the company's weak operating performance, cash flow, and financial risk profile. These factors overshadow the still reasonably large size and scale of the company's hospital facility base, which is much smaller than it was several years ago because of significant downsizing efforts. Tenet's operations have been improving, but continue to struggle with subpar margins from continuing operations of only about 9.3% on a rolling 12-month basis, and 8% in early 2007. Key factors helping operations include good cost control, recently better outpatient pricing, and targeted asset sales. However, patient volume trends (highlighted by the declining number of commercial managed care admissions), declining outpatient surgeries, and growing uninsured patient volumeUSA63688688033G88033F35102020 351020 3510 35Tenet Healthcare Corp.101625USATHCSUMMARYGLOBISSSTRUCCORPABSHealthCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/537686spcred/537686normThe latest Summary from S&Pglobalstructured12/9/2008 2:57:41 AM175Summary537686United StatesHealth Care FacilitiesUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHealth CareSummaryThe low-speculative-grade ratings on Texas-based hospital operator Tenet Healthcare Corp. reflect the company's weak operating performance, cash flow, and financial profile over the past several years. These factors override the still reasonably large size and scale of the company's hospital facility base, which is much smaller than it was several years ago because of significant downsizing efforts. Tenet's operations have been improving, but continue to struggle with subpar margins from continuing operations of only about 9.5%. Key factors helping operations include better pricing from private insurance companies, good cost control, and targeted asset sales. However, patient volume trends (highlighted by the declining number of managed care patients), high bad debt expenses, and litigation expenses represent some of the more importantUSA63688688033G88033F35102020 351020 3510 35Tenet Healthcare Corp.101625USATHCSUMMARYGLOBISSSTRUCCORPABSHealthCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/537685spcred/537685normThe latest Full Report from S&Pglobalstructured12/9/2008 2:57:41 AM400Full Report537685United StatesHealth Care FacilitiesUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHealth CareFull ReportRelatively good diversity within hospital portfolio; Potential benefits of turnaround efforts, such as cost-saving opportunities and improved pricing; and No significant debt maturities until 2011. Risk of future government reimbursement changes; Weak patient volume trends compared with those of peer hospital companies; Continued growth in uninsured patient volume; and Slim financial cushion. The low-speculative-grade ratings on Texas-based hospital operator Tenet Healthcare Corp. reflect the company's weak operating performance, cash flow, and financial profile over the past several years. These factors override the still reasonably large size and scale of the company's hospital facility base, which is much smaller than it was several years ago because of significant downsizing efforts. Tenet's operations have been improving, but continue to struggle with subparUSA63688688033G88033F35102020 351020 3510 35Tenet Healthcare Corp.101625USATHCFULLGLOBISSSTRUCCORPABSHealthCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/536659spcred/536659normThe latest News from S&Pglobalstructured12/9/2008 2:57:40 AM100News536659United StatesHealth Care FacilitiesUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHealth CareNewsNEW YORK (Standard&Poor's) Oct. 4, 2006--Standard&Poor's Ratings Services today assigned its loan and recovery ratings to Tenet Healthcare Corp.'s $800 million senior secured revolving credit facility due 2011. The revolver is rated 'BB-' (two notches higher than the 'B' corporate credit rating on Tenet) with a recovery rating of '1', indicating the expectation for full recovery of principal in the event of a payment default. (For the complete recovery analysis, see Standard&Poor's recovery report on Tenet Healthcare, to be published on RatingsDirect immediately following the release of this report.) The corporate credit rating on Tenet is B/Stable/B-3. The 'B' rating reflects the company's weak operating performance, cash flow, and financial profile over the pastUSA63688688033G88033F35102020 351020 3510 35Tenet Healthcare Corp.101625USATHCNEWSGLOBISSSTRUCCORPABSHealthCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/534897spcred/534897normThe latest News from S&Pglobalstructured12/9/2008 2:57:38 AM100News534897United StatesHealth Care FacilitiesUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHealth CareNewsNEW YORK (Standard&Poor's) Sept. 27, 2006--Standard&Poor's Ratings Services today revised its rating outlook on Dallas, Texas-based hospital operator Tenet Healthcare Corp. to stable from negative. The 'B' corporate credit rating on the company was affirmed. Tenet had about $4.8 billion of debt outstanding as of June 30, 2006. "The outlook revision reflects Tenet's recently improved financial results and better prospects that its financial profile will likely be maintained at a level consistent with the current rating," said Standard&Poor's credit analyst David Peknay. "Contributing factors include much better managed care pricing patterns, better expense management, an asset divestiture plan, and the elimination of key litigation risk." At the same time, Standard&Poor's lowered itsUSA63688688033G88033F35102020 351020 3510 35Tenet Healthcare Corp.101625USATHCNEWSGLOBISSSTRUCCORPABSHealthCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/534898spcred/534898normThe latest Research Update from S&Pglobalstructured12/9/2008 2:57:38 AM175Research Update534898United StatesHealth Care FacilitiesUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHealth CareResearch UpdateOn Sept. 27, 2006, Standard&Poor's Ratings Services revised its outlook on Dallas, Texas-based hospital operator Tenet Healthcare Corp. to stable from negative. The 'B' corporate credit rating on the company was affirmed. Tenet had about $4.8 billion of debt outstanding as of June 30, 2006. The outlook revision reflects Tenet's recently improved financial results and better prospects that its financial profile will likely be maintained at a level consistent with the current rating. Contributing factors include much better managed care pricing patterns, better expense management, an asset divestiture plan, and the elimination of key litigation risk. At the same time, Standard&Poor's lowered its rating on Tenet's senior unsecured notes to 'CCC+' from 'B'. The rating onUSA63688688033G88033F35102020 351020 3510 35Tenet Healthcare Corp.101625USATHCRESUPDGLOBISSSTRUCCORPABSHealthCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/469375spcred/469375normThe latest Full Report from S&Pglobalstructured12/9/2008 2:57:23 AM400Full Report469375United StatesHealth Care FacilitiesUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHealth CareFull ReportRelatively good diversity within hospital portfolio Currently favorable reimbursement environment for hospitals Potential benefits turnaround efforts, such as cost-saving opportunities Risk of future government reimbursement changes Weak patient volume trends compared with those of peer hospital companies Continued growth in uninsured patient volume Potentially large settlements from litigation and investigations Slim financial cushion The ratings on Tenet Healthcare Corp. reflect the company's weak operating performance and cash flow, and the uncertain impact of the company's numerous strategic initiatives to improve its long-term prospects. These factors offset the size and scale of the company's hospital facility base, which is still considerable even after its recent downsizing. Tenet, based in Dallas, Texas, had about $4.8 billion of debt outstanding as of JuneUSA63688688033G88033F35102020 351020 3510 35Tenet Healthcare Corp.101625USATHCFULLGLOBISSSTRUCCORPABSHealthCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/469376spcred/469376normThe latest Summary from S&Pglobalstructured12/9/2008 2:57:23 AM175Summary469376United StatesHealth Care FacilitiesUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHealth CareSummaryThe ratings on Tenet Healthcare Corp. reflect the company's weak operating performance and cash flow, and the uncertain impact of the company's numerous strategic initiatives to improve its long-term prospects. These factors offset the size and scale of the company's hospital facility base, which is still considerable even after its recent downsizing. Tenet, based in Dallas, Texas, had about $4.8 billion of debt outstanding as of June 30, 2005. Since late 2002, under new senior management direction, Tenet has pared its hospital portfolio to a more profitable core of 73 hospitals in mid 2005 from 120, including four considered as discontinued operations. Yet lease-adjusted operating margins are subpar, at about 9%, burdened by managed care pricing pressure, weak patient volumeUSA63688688033G88033F35102020 351020 3510 35Tenet Healthcare Corp.101625USATHCSUMMARYGLOBISSSTRUCCORPABSHealthCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/461103spcred/461103normThe latest Summary from S&Pglobalstructured12/9/2008 2:57:21 AM175Summary461103United StatesHealth Care FacilitiesUnited StatesGlobal IssuersStructured FinanceAsset-Backed SecuritiesCorporationsHealth CareSummaryRatings on Tenet Healthcare Corp. reflect the company's still-weak operating performance and cash flow, and the uncertain impact of the company's numerous strategic initiatives to improve its long-term prospects. These factors offset the size and scale of the company's hospital facility base, which is still considerable after its recent downsizing. Tenet, based in Dallas, Texas, had about $4.8 billion of debt outstanding as of June 30, 2005. Since late 2002, under new senior management direction, Tenet has pared its hospital portfolio to a more profitable core of 73 hospitals from 120, including four considered as discontinued operations. Yet operating margins remain subpar, at about 7%, burdened by managed care pricing pressure and litigation expenses tied to various items, including pricingUSA63688688033G88033F35102020 351020 3510 35Tenet Healthcare Corp.101625USATHCSUMMARYGLOBISSSTRUCABSCORPHealthCredit & Investment ResearchS&P Credit Research