OVERVIEW Franklin, Tenn.-based hospital operator Community Health Systems Inc. plans to acquire Naples-based Health Management Associates (HMA); the acquisition will be financed with both debt and equity. Standard&Poor's Ratings Services is affirming its 'B+' corporate credit rating on Community and maintaining the negative outlook. We are assigning our 'BB' issue-level rating to Community's proposed $1 billion revolving credit facility, $1 billion term loan A, $2.26 billion term loan D, and $1.7 billion senior secured notes. We are also assigning our 'B-' rating to Community's proposed $2.9 billion senior unsecured notes. We are also affirming our 'BB' issue-level ratings on Community's existing bank debt and senior secured debt; and lowering our issue-level ratings on the company's existing senior unsecured
