Westminster-Canterbury earns BBB+ bond rating for third year
Shenandoah Valley Westminster-Canterbury has announced it received a bond rating of BBB+ from Fitch Ratings, a global ratings agency. This is the third consecutive year the retirement community has earned the BBB+ rating.
As part of the ratings profile, Fitch noted the following as key rating drivers for Shenandoah Valley Westminster-Canterbury: consistently solid occupancy, excellent liquidity, a Capital Project underway and stable operating performance. Fitch cited the retirement community’s rating outlook as stable.
The BBB+ rating reflects the credit profile of revenue bonds issued by the City of Winchester’s Industrial Development Authority on behalf of Shenandoah Valley Westminster- Canterbury. The bonds include approximately $32.4 million of residential care facilities fixed-rate revenue bonds, series 2005A, and approximately $10.7 million of residential care facilities variable-rate revenue bonds, series 2005B.
Fitch Ratings, part of global financial services firm Fitch Group, provide credit opinions through ratings and research. As of September 2011, Fitch had ratings on 69 continuing care retirement communities, or CCRCs. The average rating among Fitch’s rated CCRC credits is in the BBB rating category. For more information, call Kitty Zuckerman at 540-665-5915.
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