The revision “reflects Tenet’s improving competitive position and the durability of its financial results in recent years, led by the increasing contribution of an ambulatory segment,” Fitch said in its March 22 report.
The ratings agency also said that proceeds from several recent hospital sales enabled the health system to repay more than $2 billion in debt.
Fitch also affirmed Tenet’s “B+” rating.
Tenet had an operating income of $2.5 billion in 2023, up 12.2% from 2022. Its net income in 2023 was $1.3 billion, compared to $1 billion in 2022.
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