The ratings were removed from CreditWatch, where they were placed with negative implications on July 24, after HCA said it agreed to a $33 billion leveraged buyout with a private equity consortium.
The rating outlook is negative.
"The three-notch downgrade of the corporate credit rating reflects our lower rating opinion of HCA assuming that its pending LBO is completed, and is financed by the $22.5 billion of proposed senior secured debt currently being considered by investors," said Standard & Poor's credit analyst David Peknay in a research report Friday.
The low-speculative-grade rating on HCA reflects the company's significant debt leverage as a result of its pending LBO, as well as key industry risks, such as uncertain third-party reimbursement, rising bad debt and competitive forces that have hurt patient volume.
HCA is the largest U.S. owner and operator of acute health care facilities, with a large portfolio of 172 hospitals and 95 ambulatory surgery centers in 21 U.S. states, Britain and Switzerland.
Shares slid 8 cents to $50.38 in morning trading on the NYSE.
