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On November 9, 2020, S&P Global Ratings lowered its issuer credit rating on Community Health Systems, Inc. to CC from CCC+, its junior-priority secured notes due in 2023 and 2024 and its unsecured notes due in 2028 ratings to CC from CCC-. The Company has announced a cash tender of up to $400 million total to buy back portions of four separate debt issues at prices below par. Considering the prices offered, the ratings agency considers the offer for the Company's 2023 and 2024 junior-priority secured notes (85% and 80% of par, respectively) and the 2028 unsecured notes (55% of par) as distressed. The rating action consequently reflects that the Company's offer to repurchase a portion of these notes, if completed, would constitute a default, S&P Global states.
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