Position as the largest non-urban hospital provider Good position in small, rural markets Diversified hospital portfolio Is aggressive in its acquisition activity Is experiencing increasing bad debt, like its peers Is vulnerable to legislative and economic changes in its key markets Is 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 future reimbursement levels it can expect to receive from the government and other third-party payors. However, the company's diversified hospital portfolio provides modest protection against adverse conditions in any single market. Brentwood, Tenn.-based Community Health is an owner and operator of 72
