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SOURCE ACTS Retirement-Life Communities
Ratings Agency Cites Strong Performance and Management of Nation's Largest Not-for-Profit Senior Living CCRC Organization
WEST POINT, Pa., June 26, 2014 /PRNewswire-USNewswire/ -- ACTS Retirement-Life Communities, announced today that Fitch Ratings Services has given a positive assessment of the organization's financial health with an 'A-' rating. ACTS is the largest not-for-profit owner, operator and developer of continuing care retirement communities (CCRCs) in the United States serving approximately 8,500 seniors within its 23 communities located throughout the east coast.
Fitch cited ACTS' consistent financial performance and effective management practices in its assessment. Fitch placed significant weight on ACTS' revenue size due to the financial flexibility it derives from its portfolio of CCRCs. Fitch noted the recent integration of two affiliated entities, Peninsula United Methodist Homes and Magnolia Trace, into the ACTS obligated group led to further diversifying its coverage and increasing annual revenues by over $50 million.
ACTS remains one of the strongest companies of its kind among not-for-profit senior living providers. In addition to its A- rating from Fitch, ACTS maintains a BBB+ rating from Standard and Poor's. The 23 ACTS communities consist of approximately 5,300 independent living units, 850 assisted living units and 1,360 skilled care beds.
"We are extremely pleased that Fitch continues to recognize ACTS' overall financial health and express their confidence in the organization, our board of directors and management team," said Gerald T. Grant, ACTS Executive Vice President and Chief Financial Officer. "These strong assessments are important because they provide further confirmation of ACTS' financial stability to our residents and investors."
Headquartered in suburban Philadelphia, ACTS Retirement-Life Communities, Inc., is one of the nation's premier senior living CCRC organizations. ACTS provides a full range of personalized senior care services including independent living, assisted living and skilled nursing care residences through its family of retirement communities in Pennsylvania, Delaware, Maryland, North and South Carolina, Georgia, Alabama, and Florida. Website: ACTSretirement.org.
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