U.S. hospital operator Community Health Systems is replacing its $750 million revolver with a new $700 million revolver and is issuing a new $500 million term loan A, using the proceeds from the term loan to reduce the outstanding balance under a 2014 maturity. We are assigning a 'BB' issue-level rating and a '1' recovery rating to the company's proposed new revolver and term loan A. We are also affirming our 'B+' corporate credit rating on the company, as debt levels remain unchanged and operating trends are within our current expectations. Our stable rating outlook represents our expectation that chronic reimbursement pressure and modest acquisition activity may limit the likelihood of positive changes in the company's credit profile for the
