Fitch turns Community Health view to negative

Fitch Ratings said it revised its outlook for Community Health Systems, Inc. and subsidiary CHS/Community Health Systems, Inc. to negative from stable and affirmed their issuer ratings at B-. Additionally, the agency affirmed the ratings on the company's senior secured notes and asset-based loan facility at BB-/RR1, junior-priority secured notes at CCC/RR6 and senior notes at CCC-/RR6.

“The negative outlook reflects a deterioration in operating performance in 1H 2022, with significant increases in labor costs and weakness in volumes and acuity mix driving a downturn in the company's revenue and margin levels, resulting in a sizeable reduction in its 2022 financial guidance and elevating leverage to levels posing increased downgrade risk,” Fitch said in a press release.

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