The ratings on Brentwood, Tenn.-based Community Health Systems Inc. reflect the industry challenges the company faces, such as the uncertain future reimbursement it will receive from the government and other third-party payors. This uncertainty is somewhat mitigated by Community Health's diversified hospital portfolio. The company's total debt outstanding was $1.8 billion as of Sept. 30, 2005. Community Health, operating 71 hospitals in 21 states, primarily in small, non-urban markets with stable or growing populations, has seen its revenues grow nearly 70% since 2002. The company acquires weak, underperforming hospitals and attempts to build revenues by enhancing physician recruitment and broadening services. Community Health is expected to continue to expand, adding about two to four hospitals per year, net of hospital
