Dallas-based Tenet Healthcare’s rating was upgraded to “BB-” from “B+” by Fitch.
The upgrade reflects an improving competitive position, with its ambulatory care segment “durably delivering robust EBITDA growth” and recent divestitures funding significant debt reduction and enhancing liquidity, Fitch said in a March 20 report.
The for-profit system sold 14 hospitals in 2024, which helped reduce its debt by $2.1 billion, according to the report. Fitch also cited a drop in EBITDA leverage to 3.9x at year-end 2024, with further deleveraging expected in 2025 and beyond.
Tenet has a stable outlook at its new rating.
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