...+ U.S.-based hospital operator Community Health Systems Inc. has completed a distressed debt exchange that addresses most of its debt due in 2022. + We are raising our issuer credit rating on Community to '###+' from '##' (selective default). + We are raising our rating on the company's senior unsecured notes due 2022 to '###-' from 'D' based on our view that the notes will not be part of additional transactions given that only a small portion remains outstanding. + We are assigning our 'B-' ratings to the company's new senior secured debt due 2027, with a '2' recovery rating, reflecting our expectation of 70%-90% (rounded estimate: 70%) in the event of a default. In addition, we are assigning our '###-' rating to the company's new senior unsecured debt due 2028, with a '6' recovery rating, reflecting our expectations of 0%-10% recovery (rounded estimate: 0%). + The negative rating outlook reflects our view that Community is unlikely to be able to support its current level of debt over...
