Community Health Systems Inc. intends to repurchase a significant portion of the approximately $625 million outstanding of its 6.875% senior unsecured notes due 2028 at $750 per $1,000. In the context of our 'CCC+' issuer credit rating on Community Health and its continued high adjusted leverage, we view these repurchases on the senior notes due 2028 as a selective default under our criteria given that lenders received less value than they were initially promised under the original securities. Therefore, we lowered our issuer credit rating on Community Health to 'SD' (selective default) from 'CCC+'. We also lowered our issue-level rating on the senior notes to 'D' from 'CCC-'. Our issue-level ratings on other obligations are unchanged. We expect to raise
