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

NEW YORK (S&P Global Ratings) May 1, 2023--S&P Global Ratings today assigned its 'BBB-' issue-level rating to HCA Inc.'s proposed issuance of senior unsecured notes, which it will offer in several tranches. We expect the company will primarily use the proceeds from these notes to pay down a portion of the outstanding balance on its asset-based lending revolving credit facility. We view the offering as leverage neutral. The stable outlook on HCA reflects our view that it will continue to successfully adapt to the changing health care marketplace and maintain its long-term financial policy, enabling it to sustain leverage of between 3x and 4x. Our outlook also incorporates annual capital expenditure of $4.2 billion-$4.6 billion in 2023 and 2024 and

...May 1, 2023 NEW YORK (S&P Global Ratings) May 1, 2023--S&P Global Ratings today assigned its '###-' issue-level rating to HCA Inc.'s proposed issuance of senior unsecured notes, which it will offer in several tranches. We expect the company will primarily use the proceeds from these notes to pay down a portion of the outstanding balance on its asset-based lending revolving credit facility. We view the offering as leverage neutral. The stable outlook on HCA reflects our view that it will continue to successfully adapt to the changing health care marketplace and maintain its long-term financial policy, enabling it to sustain leverage of between 3x and 4x. Our outlook also incorporates annual capital expenditure of $4.2 billion-$4.6 billion in 2023 and 2024 and a robust stock buyback program. In 2022, HCA's board authorized a new $3 billion stock repurchase program (on top of the $1.5 billion remaining from its previous authorization). This is in line with our expectation for about $4 billion...

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