Daily News: May 26, 2015

Fitch Rates HCA’s Secured Bank Term Loan ‘BB+’

Fitch Ratings said it has assigned a ‘BB+’ rating to HCA’s $1.0 billion senior secured bank term loan. Fitch expects that the company will apply the proceeds of this term loan to refinance certain existing term loans of HCA. Fitch said the Rating Outlook is Stable. The ratings apply to $29.4 billion of debt outstanding at March 31, 2015.

Fitch noted that HCA’s financial flexibility has improved significantly in recent years as a result of organic growth in the business as well as proactive management of the capital structure. The company has industry-leading operating margins and generates consistent and ample discretionary FCF (operating cash flows less capital expenditures and distributions to minority interests).

Link to full text of Fitch report: