Moody's rates Tenet notes B3

Moody's Investors Service said it assigned an SGL-4 speculative grade liquidity rating to Tenet Healthcare Corp. At the same time, Moody's affirmed Tenet's existing long-term debt ratings (senior implied at B2) and assigned a B3 rating to Tenet Healthcare's $1 billion 9.875% senior unsecured note offering. The outlook is negative.

Moody's said the ratings incorporate continued concerns regarding the departure of the vast majority of senior management during the past 12 to 18 months.

Partially offsetting these issues are the availability of about $1.3 billion of cash as of Sept. 30 and prospects for additional funds from the divestiture of facilities, according to Moody's.

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