NY -- Standard&Poor's CreditWire 6/10/96 -- Standard&Poor's today has placed its double-`B' corporate credit rating and single-`B'-plus subordinated debt rating of Community Health Systems Inc. (CYH) on CreditWatch with negative implications. This follows the announced signing of a definitive merger agreement for Forstmann Little&Co. to acquire all of CYH's outstanding common stock for $52 per share. The transaction, which is not subject to financing or antitrust clearance, is expected to be completed in mid-July. A Forstmann Little entity is expected to commence a tender offer for all shares of CYH on June 11, 1996. Simultaneously, CYH will commence a tender offer for its $100 million of outstanding 10 1/4% senior subordinated debentures due November
