Summary: Community Health Systems Inc. Sep 11

Standard & Poors, September 2011

Abstract
The speculative-grade rating on Franklin, Tenn.-based Community Health Systems Inc. reflects Standard & Poor's Ratings Services' opinion that the company's highly leveraged financial risk profile is tied to acquisition activity and ongoing industry prospects for uncertain third-party reimbursement, significant bad debt expense, and relatively weak patient volume. We believe Community's diversified hospital portfolio and well-established positions in many of its local markets contribute help distribute these risks, contributing to its fair business risk profile compared with the lower business risk profiles of several rated peer companies. Community's hospitals are the only provider of inpatient acute care in about two-thirds of its mostly rural markets. This sole-provider status adds, in our view, an element of predictability regarding demand for its services....

Companies mentioned in this report are: Community Health Systems Inc.
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Community Health Systems Inc.

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