New York, March 23, 2015 -- Moody's Investors Service placed the ratings of Tenet Healthcare Corporation (Tenet) under review for downgrade, including the company's B1 Corporate Family Rating and B1-PD Probability of Default Rating. The rating action follows the announcement that Tenet has signed a definitive agreement to enter into a joint venture with Welsh, Carson, Anderson & Stowe to combine the ambulatory surgery center businesses of Tenet and United Surgical Partners International (USPI). Tenet also announced the acquisition of Aspen Healthcare Ltd. (Aspen), which operates nine private hospitals and clinics in the United Kingdom. In order to finance the transactions, Tenet will issue $2.4 billion of new debt, including the refinancing of about $1.5 billion of USPI debt. Moody's understands that the transactions are expected to close in the third quarter of 2015.
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