New York, September 24, 2014 -- Moody's Investors Service assigned a B3 (LGD 5) rating to Tenet Healthcare Corporation's proposed offering of $500 million of senior unsecured notes due 2019. Moody's understands that the proceeds of the offering will be used for general corporate purposes, including repaying amounts drawn on the company's revolver and acquisitions. Moody's also affirmed Tenet's B1 Corporate Family Rating and B1-PD Probability of Default Rating. Concurrently, Moody's upgraded the rating on Tenet's senior secured notes to Ba2 (LGD 2) from Ba3 (LGD 3) and raised the Speculative Grade Liquidity Rating to SGL-2 from SGL-3. The rating outlook is stable.

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