HCA Inc.'s Proposed Senior Secured Notes Rated 'BBB-'

BOSTON (S&P Global Ratings) June 8, 2017--S&P Global Ratings today assigned its 'BBB-' issue-level rating (two notches above the corporate credit rating) to Nashville-based HCA Inc.'s proposed senior secured notes due 2047. The company is issuing the notes for general corporate purposes, which may include funding recently announced acquisitions. We assigned a '1' recovery rating to this debt, indicating our expectation of very high (90%-100%; rounded estimate: 95%) 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. While the company has not yet announced the dollar size of the tranche, we estimate that the company has about $4 billion of secured debt capacity at

...BOSTON (S&P Global Ratings) June 8, 2017--S&P Global Ratings today assigned its '###-' issue-level rating (two notches above the corporate credit rating) to Nashville-based HCA Inc.'s proposed senior secured notes due 2047. The company is issuing the notes for general corporate purposes, which may include funding recently announced acquisitions. We assigned a '1' recovery rating to this debt, indicating our expectation of very high (90%-100%; rounded estimate: 95%) 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. While the company has not yet announced the dollar size of the tranche, we estimate that the company has about $4 billion of secured debt capacity at the current issue-level and recovery ratings. 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...

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