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Bond Market News
Community Health Systems Upgraded to CCC+
August 12, 2024
Community Health Systems (CHS) was upgraded to CCC+ from SD by S&P. The upgrade comes on the back of improving operating performance of the company. Growing outpatient volumes and surgery procedures are driving overall growth revenues per procedure for the company, according to S&P. The company continues to benefit from a moderating inflationary environment, reduced use of expensive contract labor and improved supply cost management, they noted. The has led to increasing adjusted EBITDA margins and cashflow generation. However, the company’s leverage measured by adjusted debt-to-EBITDA remains high at 8.1x and is yet to generate strong sustained positive free cash flows, according to S&P.
Its dollar bonds traded stable with its 4.75% 2031s at 82.25, yielding 8.34%
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