...BOSTON (S&P Global Ratings) Aug. 8, 2016--S&P Global Ratings today assigned its '###-' issue-level rating (two notches above the corporate credit rating) to Nashville-based HCA Inc.'s proposed 10.5-year, $1 billion senior secured notes, which are being issued to refinance the company's term loan B-4 maturing in 2018. We assigned a '1' recovery rating to this debt, indicating our expectation of very high (90% to 100%) recovery for lenders in the event of a payment default. The issue-level ratings are the same as our ratings on the existing senior secured debt. Our '##' corporate credit rating on HCA reflects our view that its scale relative to other health care services peers should allow the company to better offset declining reimbursement rates with cost reduction efforts, and that its scale and market presence should aid in contract negotiations with commercial payors. In addition, HCA's business is diversified beyond inpatient hospital services, with about 38% of revenues coming from...
