Fitch Ratings, an international ratings agency providing issuer and bond ratings and more, affirmed its issuer default rating of “B” for Dallas-based Tenet Healthcare Corp.
The rating affects $15.4 billion of Tenet debt.
The grade is a result of several factors, including Tenet’s favorable operating profile as a large for-profit provider, its recently announced restructuring plans, and its acquisition of Addison-based United Surgical Partners International.
The ratings agency also warned about regulatory uncertainty as well as the company’s weak free cash flow and high leverage.
Fitch Ratings said Tenet’s outlook is stable.