HCA Inc.

NEW YORK (S&P Global Ratings) June 5, 2019--S&P Global Ratings today assigned its 'BBB-' issue-level rating and '1' recovery rating to Nashville-based HCA Inc.'s multi-tranche proposed senior secured notes. The '1' recovery rating indicates our expectation of very high (90%-100%; rounded estimate: 95%) recovery for lenders in the event of a payment default. The transaction is leverage neutral as proceeds from the new debt will be used to refinance existing debt and extend HCA's maturity schedule. The 'BBB-' issue-level rating is one notch above our corporate credit rating. Our 'BB+' issuer credit rating on the parent company HCA Healthcare Inc. continues to reflect the company's substantial scale, diversified business mix, and market presence, which favorably distinguish it from other investor-owned

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