Position as the largest non-urban hospital provider Good position in small, rural markets Diversified hospital portfolio Aggressive in its acquisition activity Vulnerable to legislative and economic changes in its key markets Subject to an uncertain level of government payments The speculative-grade ratings on Community Health Systems Inc., an operator of non-urban hospitals, reflect Standard&Poor's concern about the company's somewhat aggressive acquisition activity and the uncertain reimbursement levels it can expect to receive from the government and other third-party payors. Brentwood, Tenn.-based Community Health is an owner and operator of 72 hospitals in 22 states, primarily in small, non-urban markets with stable or growing populations of 20,000 to 100,000 people. The company maintains strong market positions because the majority
