NEW YORK (Standard&Poor's) Sept. 28, 2001--Standard&Poor's today assigned its single-'B'-plus corporate credit and secured bank loan ratings to Community Health Systems Inc. At the same time, Standard&Poor's assigned its single-'B'-minus rating to Community Health Systems' offering of $250 million subordinated convertible debt due 2008. The outlook is stable. The speculative-grade ratings on Brentwood, Tenn.-based Community Health Systems reflect the company's diversified portfolio of nonurban hospitals as well as its aggressive acquisition activity. Furthermore, the rating incorporates the expectation that the company completes its announced equity transaction, which is likely to generate over $300 million in gross proceeds. The company's $1 billion secured bank facility, which was originated in 1999, is rated the same as
