July 18, 2022 -- Fitch Ratings has affirmed our ratings of ‘A-’ with a stable outlook for the HumanGood California Obligated Group and its 14 life plan communities, and ‘BBB’ with an outlook improved to stable for HumanGood Pennsylvania and its three life plan communities.
The 'A-' rating reflects HumanGood’s diverse operating platform of 14 life plan communities, according to Fitch. The agency also said, “Fitch believes this diversity reduces overall operating risk relative to a single-site borrower, allowing the system to manage through occupancy variations at individual communities and the pandemic's pressures on sales, marketing and external admissions.”
Fitch also highlighted the “strong corporate oversight” which has allowed for prudent expense and capital management.
“The improved outlook for HumanGood Pennsylvania speaks to our team members’ commitment to our residents and our mission, as well as the power of our affiliation with Presby’s, and the solid footing of HumanGood Pennsylvania” said John Cochrane, HumanGood CEO.
The affirmation of our ratings and the improved outlook for HumanGood Pennsylvania further strengthens HumanGood’s position as a leading provider in the senior housing field.
Click here to read the ratings report for HumanGood California Obligated Group and click here to read the report for HumanGood Pennsylvania.
The ratings reports can also be viewed online at www.fitchratings.com