The rating on Franklin, Tenn.-based Community Health Systems Inc. is based on Standard&Poor's Ratings Services' assessment of its business risk profile as "fair", reflecting both its relatively diversified hospital portfolio and significant reimbursement risk. We consider the financial risk profile as "highly leveraged," reflecting leverage above 5x, and funds from operations to lease adjusted debt at a stable level near 14%. Community owns and operates acute care hospitals. The ratings reflect our expectation of high-single-digit revenue growth, supported by a mid-single-digit organic growth rate and modest acquisition activity. In our view, this organic growth rate, is supported by Community's small 1.5% same-facility growth in adjusted admissions, and 2.8% increase in net revenue per adjusted admission in 2012. The
