Franklin, Tenn.-based acute-care hospital operator Community Health Systems Inc.'s recent revenue results were within our expectations, but cash flow was much weaker than we expected. We have revised our forecasts and now expect minimal free cash flow, raising refinancing concerns given the large debt maturities the company needs to manage over the next few years. We are lowering our corporate credit rating on Community to 'CCC+' from 'B-'. The outlook is negative. At the same time, we are lowering our rating on Community's senior secured debt to 'B-' from 'B+' and our rating on its unsecured debt to 'CCC-' from 'CCC'. We are also revising the recovery rating on the senior secured debt to '2' from '1' based on the
