...BOSTON (Standard & Poor's) May 26, 2015--Standard & Poor's Ratings Services today assigned its '###-' issue-level rating (two notches above the corporate credit rating) to Nashville-based HCA Inc.'s proposed five-year, $1.0 billion senior secured term loan A, which is being issued to refinance the company's two existing term loan A tranches. 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 and stable outlook on HCA reflects our view that its scale relative to other healthcare 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,...
