Fitch cuts Health Management ratings |
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Published
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Wed, 17 Jan 2007 16:16
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CHICAGO (AFX) - Fitch Ratings on Wednesday downgraded its debt ratings for Health Management Associates Inc. after the hospital chain said earlier in the day that it would recapitalize its balance sheet and pay a special $10 dividend financed by borrowings.Fitch cut the company's issuer default rating to 'BB-' and its newly secured senior notes to 'BB.' Both had been at 'BBB+' ratings.The new borrowing -- a seven-year $2.75 billion loan and a $500 million revolving facility -- will be used to pay the $2.42 billion total dividend and to retire an existing revolving credit line of $275 million.Fitch put the ratings outlook at stable, meaning it does not foresee any changes.Health Management shares added 58 cents, or 2.7 percent, to $21.20 in early trading on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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