On Dec. 3, 2004, Standard&Poor's Ratings Services assigned its 'B' rating to hospital operator Community Health Systems Inc.'s proposed $250 million in senior subordinated notes due 2012, which are issued under Rule 144A with registration rights. Proceeds will be used to repay existing debt. The company's total debt outstanding as of Sept. 30, 2004, was $1.8 billion. At the same time, Standard&Poor's affirmed its other ratings on Community Health Systems and its wholly owned subsidiary, CHS/Community Health Systems Inc. The speculative-grade ratings on Brentwood, Tenn.-based Community Health Systems reflect Standard&Poor's concern about the company's aggressive acquisition activity and the uncertain future reimbursement levels it can expect to receive from the government and other third-party
