Moody's Investors Service, New York, reduced its debt ratings on troubled Tenet Healthcare Corp., Santa Barbara, Calif., to speculative from investment grade. The ratings agency cited Tenet's disclosure this week that it expects lower revenue and higher expenses than previously estimated. Moody's gave Tenet Ba3 ratings, down from the lowest investment-grade rating, Baa3. Moody's also said it will continue to monitor Tenet for future downgrades. Standard & Poor's said earlier this week that it also is considering a downgrade for Tenet's debt. Tenet had more than $4 billion in debt outstanding as of March 31, according to the company's most recent quarterly securities filing. -- by Vince Galloro
Moody's drops Tenet debt rating to 'speculative'
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