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| Prospect News home > News index > List of issuers C > Headlines for Community Health Systems, Inc. > News item |
S&P assigns Community Health notes B-
S&P said it assigned its B- rating to Community Health Systems Inc.’s proposed $1.05 billion of senior secured notes due 2027, issued by subsidiary CHS/Community Health Systems Inc. The recovery rating is 2, indicating an expectation for substantial (70%-90%, rounded estimate: 70%) recovery to debt holders in default.
The proceeds will refinance a portion of Community’s first-lien notes due in 2023, which carry the same rating.
“The issuer credit rating of SD is not affected following the company’s recent distressed exchange for a portion of the unsecured notes due 2028. However, the rating on the new senior secured notes is based on the expectation that we will revise the issuer credit rating in the coming days to CCC+, where it was prior to the recent distressed exchange transaction,” S&P said in a press release.
The agency said it affirmed all other Community ratings.
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