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Fitch affirms Community Health Systems
Fitch Ratings said it affirmed Community Health Systems, Inc.'s BB issuer default rating, BB senior secured bank facility and B+ senior subordinated notes.
The outlook is stable.
The agency said the affirmation is driven by the company's strong operating results despite industry pressures of increasing bad debt and lower patient volumes. Community Health maintains solid free cash flow, with $135.8 million generated for the last 12 months ended June 30. The company continues to grow through acquisitions, having completed seven so far in 2006, financed using cash flow and revolver borrowings.
Total debt at June 30 was $1.7 billion, and Fitch predicted that total debt to EBITDA for 2006 will be around 3x.
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