Large, relatively diversified hospital portfolio, with significant exposure to outpatient services, including fast-growing areas like ambulatory surgery. Some geographic concentration, with Florida and Texas accounting for over 40% of revenues. Scale and diversified service offering provides a competitive advantage in negotiating contracts, somewhat offsetting reimbursement risk. Subject to reimbursement risk as government and private payors seek to reduce total health care spending. Leverage expected to average in the low-4x range over time. Solid internal cash flow generation and strong liquidity that is not impeded by any significant financial covenant requirements. Cash flow and some debt capacity will likely continue to be used for share repurchases, consistent with historical policies. S&P Global Ratings' stable outlook on HCA Inc. reflects our belief
