August 3, 2020
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 a negative outlook for HumanGood Pennsylvania.
The annual affirmation of our ratings will allow HumanGood to obtain more favorable borrowing rates for refinancing, resulting in significant savings for the future.
“These affirmations reflect our organization’s financial and operational strength and are also a positive reflection of the collective efforts of our team during this unprecedented time,” said John Cochrane, HumanGood CEO and president.
In their report, Fitch Ratings stated that HumanGood California’s rating affirmation is driven by a diverse operating platform with solid demand, adequate liquidity and consistent operations. Fitch Ratings further stated that the solid financial profile and management’s proactive cost containment strategies will provide enough financial cushion to absorb coronavirus pandemic related disruptions.
For HumanGood Pennsylvania, Fitch Ratings commented that despite ongoing challenges presented by the pandemic, the obligated group has the tools in place to improve operations and is bolstered by a strong liquidity position and strong balance sheet.
Read the full announcement by Fitch Ratings for California and Pennsylvania.
.png?width=260&height=56&name=new-hg-logo-rev-with-registered-mark%20(2).png){kind=logo}
