Fitch Ratings Upgrades Goodwin House Incorporated to BBB+ Rating – Premier Senior Living and Care Organization Also Receives Stable Outlook
August 6, 2018 – Alexandria, Va. – In its news release issued August 2, 2018, Fitch Ratings upgraded Goodwin House Incorporated (GHI) to a BBB+ rating, with a stable outlook. GHI is a not-for-profit, mission-driven, senior living and care organization serving the Northern Virginia region. The ratings apply to the following bonds issued on behalf of GHI:
- $65.9 million Fairfax County Economic Development Authority Residential Care Facilities Mortgage Revenue Refunding Bonds, Series 2016A;
- $67.7 million Industrial Development Authority of the City of Alexandria Residential Care Facilities Mortgage Revenue Bonds, Series 2015; and
This year’s rating upgrades GHI from a “BBB” rating, which GHI had received from Fitch Ratings for a decade. One of the “Big Three” credit rating agencies, Fitch cited strong performance during the repositioning of its Alexandria campus, strong market demand, strong cash flow and liquidity growth as key drivers of the 2018 BBB+ rating for GHI. Of the approximately 2,000 Life Plan Communities in the United States, fewer than 160 have investment grade ratings (BBB or better).
“We are pleased with Fitch’s recognition of our solid performance across our Life Plan Communities and our financial metrics as reflected in the upgrade to a BBB+ rating this year,” said Richard Carter, GHI Chief Financial Officer. “While this upgrade does not affect our current financial position, it does set the stage for future capital-raising efforts.”
The Fitch rating for GHI can be viewed here.
About Goodwin House Incorporated:
Celebrating 50 years of providing exceptional service to older adults, Goodwin House Incorporated (GHI) is a nonprofit, Virginia-based corporation affiliated with the Episcopal Church. Today, the strength of GHI begins with its clear statements of mission, vision and values, the stability and integrity of its boards and executive leadership, and its reputation as a trusted partner and innovator in reimagining aging.
The growing family of GHI senior living communities and services owned and operated across Northern Virginia includes: two senior Life Plan Communities – Goodwin House Alexandria in Alexandria’s West End and Goodwin House Bailey’s Crossroads in Falls Church, Fairfax County, and conveniently near Arlington; an innovative living at home life care and services program – Goodwin House at Home; a growing Medicare-certified service – Goodwin House Palliative Care and Hospice; and the new Goodwin House Small House Living and Health Care Center with a progressive model of senior care. GHI also is the management agent for The Lewinsville Retirement Residences, Inc. serving McLean and Great Falls, Virginia. GHI advances its mission through a 501(c)(3) supporting foundation that provides support for current and future residents in need and funds programs dedicated to seniors’ well-being and vibrant living.