Dan Lavender, CEO and President of Moorings Park, a Continuing Care Retirement Community in Naples, today announced that Fitch Ratings has affirmed the A+ underlying ratings on Moorings Park. In the announcement Fitch noted “The Moorings has consistently had occupancy rates above 90% in their independent living and health care areas over the past 7 years which has resulted in solid profitability and strong debt service coverage that has been consistently higher than Fitch’s median for ‘A’ rated facilities. Lavender noted the “strength and breadth of the company’s resources" as well as the organization’s “governance by a board of accomplished local individuals with a solid business plan and an executive management team with the vision, talent and experience to execute it” among the leading factors.
Moorings Park is the only retirement community in the nation to achieve the A+ rating. In 1998 Fitch raised the company rating from A- to A. Then Moorings Park was upgraded to an A+ rating in 2006. The A+ rating is an excellent indicator of Moorings Park’s record of financial stability and shows the confidence that the independent agency has in the company’s ability to carry debt.
“Our mission is to be the premier provider of facilities, programs and services for successful aging,” announced Lavender, “the A+ rating underscores the fact that Moorings Park has incredible financial strength to serve current and future residents.”
This rating will be beneficial to current and future residents of Moorings Park, and will save the community substantial interest costs when financing the company’s strategic objectives.
Moorings Park already has a strong sense of social responsibility not only to its residents and employees but also to the community.
“We are proud and excited about receiving the A+ rating”, said Trish Biebricher, Vice President of Marketing & Communications, “we have always been a strong economic force in the community and this recognition shows that we have a solid foundation to continue our tradition of excellence”.
