Link to Fitch Ratings' Report: U.S. Healthcare Recovery Models -
Fitch Ratings has published updated recovery analyses for the U.S.
for-profit hospital operators rated below 'BB-' including:
--Community Health Systems, Inc.;
--HCA Holdings, Inc.;
--Tenet Healthcare Corp.
The interactive recovery analysis worksheets are available at 'www.fitchratings.com'
under the following headers:
Rating and Research >> Corporate Finance >> Leveraged Finance >> U.S.
Leveraged Finance >> Healthcare Recovery Models
Additional information is available at 'www.fitchratings.com'
Applicable Criteria and Related Research:
--'Hospitals Credit Diagnosis (A Rocky Rollout of the Affordable Care
Act's Insurance Expansion)' (Jan. 13, 2014);
--'U.S. Healthcare Stats Quarterly - Third-Quarter 2013' (Jan. 2, 2014);
--'2014 Outlook: U.S. Healthcare - Secular Challenges Require a
Compelling Value Proposition' (Nov. 25, 2013);
--'Recovery and Notching Criteria for Non-Financial Corporate Issuers'
(Nov. 19, 2013);
--'U.S. Leveraged Finance Spotlight Series - HCA Holdings, Inc.' (Nov.
--'For-Profit Hospital Insights (Fitch's Annual Review of Bad Debt
Accounting Policies and Practices)' (Oct. 24, 2013);
--'Hospitals' Credit Diagnosis: Escalating Industry Consolidation
Pressures Credit Profiles' (Sept. 27, 2013);
--'U.S. Healthcare Stats Quarterly - Second-Quarter 2013' (Sept. 26,
--'U.S. Corporates - The Varying Effects of Affordable Care (Financial
Implications of ACA Will Vary but Credit Implications Are Universally
Limited)' (Sept. 12, 2013);
--'Corporate Rating Methodology' (Aug. 5, 2013);
--'Hospitals' Credit Diagnosis (Weak Volume Trend Possible Evidence of
Systemic Shifts in Care Delivery)' (June 28, 2013);
--'U.S. Healthcare Stats Quarterly - First-Quarter 2013' (June 25, 2013);
--'The Affordable Care Act and Healthcare Providers (Assessing the
Potential Impact)' (May 1, 2013);
--'Hospitals Credit Diagnosis (Implications of the ACA Slowly Taking
Shape)' (April 4, 2013);
--'High-Yield Healthcare Checkup: Comprehensive Analysis of High-Yield
U.S. Healthcare Companies' (Jan. 30, 2013);
--'U.S. Leveraged Finance Spotlight Series - Community Health Systems,
Inc.' (Oct. 1, 2012).
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.
AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS
SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS
OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES
AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF
THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE
RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR
RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY
CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH
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