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Fitch Upgrades Greenspring’s Revenue Bonds Rating from “BBB+” to “A”

05-05-2011 08:13 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Erickson Living

Bonds rating agency sees a “stable” financial outlook for the retirement community

The 2011 annual review by Fitch Ratings, a bonds rating agency that provides information to current and potential purchasers of publicly traded bonds, has upgraded Greenspring’s former 2010 rating of “BBB+” to “A”. This rating is driven by a number of key factors including Greenspring’s consistently high occupancy levels for all levels of care including independent living, assisted living, and skilled nursing, the strength of the community’s operations, Greenspring management initiatives such as apartment upgrades and renovations, and several other factors.

“Greenspring takes a great deal of satisfaction from the recent Fitch Ratings upgrade. We are particularly pleased with the two-grade increase from ‘BBB+’ to ‘A,’ and the financial health it implies,” said Greenspring’s Director of Finance, Berwick Drews. “This is also very positive for our residents, both current and future, and reflects the community’s focus on continued financial strength during what has been a challenging market.”

The “stable” rating outlook provided by Fitch indicates the assumption that Greenspring will maintain its “A” rating long-term, as well as its current occupancy and performance levels. “Greenspring continues to lead the CCRC industry with an occupancy rate at the 99% level,” said Jarad Smith, Greenspring’s Director of Sales and Marketing. “Fitch’s optimistic outlook for Greenspring further reinforces the idea that moving to our community is an economically sound decision and will give our residents and future residents the comfort in knowing that their investment is stable and secure.”

About Greenspring: Greenspring is situated on a scenic 108-acre campus in Springfield, Virginia. The community is home to 2000 residents, many of which reside in the 1406 independent living units. At Greenspring, a robust complement of resident programs and facilities promote an engaged, fulfilling lifestyle that is reflected in resident satisfaction levels that exceed the industry average. Life at Greenspring offers a true sense of community and is an exciting alternative to the typical retirement community. Additional information about Greenspring can be found at www.ericksonliving.com.

Greenspring
7410 Spring Village Drive
Springfield, VA 22150
Contact: Jessica McKay
jessica.mckay@erickson.com
703-923-4690

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