Position as the largest non-urban hospital provider Good position in small, rural markets Diversified hospital portfolio Aggressive in acquisition activity Experiencing higher levels of bad debt, like peers Vulnerable to legislative and economic changes in key markets Subject to potential reduction in government reimbursement for services The speculative-grade ratings on Brentwood, Tenn.-based Community Health Systems Inc. reflect Standard&Poor's Ratings Services' concern about the company's aggressive acquisition activity and the uncertain future reimbursement levels it will receive from the government and other third-party payors. The company's total debt outstanding as of March 31, 2005 was $1.8 billion. Community Health, operating 68 hospitals in 21 states, primarily in small, non-urban markets with stable or growing populations, has seen its revenues
