...December 11, 2020 S&P Global Ratings today assigned its 'B-' rating to Community Health Systems Inc.'s proposed $1.05 billion senior secured notes due 2027, issued by subsidiary CHS/Community Health Systems Inc. The recovery rating is '2', indicating our expectation for substantial (70%-90%, rounded estimate: 70%) recovery to debt holders in the event of payment default. The proceeds would refinance a portion of Community's existing first lien notes due in 2023, which carry the same rating. The issuer credit rating of '##' is not affected following the company's recent distressed exchange for a portion of the unsecured notes due 2028. However, the rating on the new senior secured notes is based on the expectation the we will revise the issuer credit rating in the coming days to '###+', where it was prior to the recent distressed exchange transaction. All other ratings on Community are affirmed. The ratings continue to reflect our view that the company continues to face headwinds along with...
