Moorings Park announced that its A+ ratings by Standard & Poor’s Rating Services (S&P) have been affirmed. Moorings Park is a nationally accredited, nonprofit, Medicare certified community and one of the only A+ S&P rated Life Plan Communities in the country.
“Moorings Park is very pleased to achieve this distinction,” said Moorings Park CEO Dan Lavender. “It is a reflection of our ongoing commitment to our residents to provide a quality lifestyle with healthcare services that have been simply the best for nearly 40 years.”
S&P’s credit ratings express the agency’s opinion about the ability of Moorings Park to meet its financial obligations in full and on time. S&P affirmed its “A+” issuer credit rating (ICR) on The Moorings Park Institute, Inc. (MPI), the parent company of Moorings Park that is legally known as The Moorings, Inc. The A+ rating and positive outlook reflect the very strong demand and financial position of MPI and S&P’s view that MPI also has strong governance and management.
The A+ ratings affirmations by S&P were driven in part by Moorings Park’s excellent financial profile, favorable location with a strong economy and a management and governance team they viewed as capable and experienced. S&P noted the generally high occupancy for all levels of service at Moorings Park’s 83-acre campus on Goodlette-Frank Road with over 500 independent living units typically attaining or exceeding an occupancy level of 95%, a level significantly higher than industry averages. S&P also noted the waiting list for independent living units at Moorings Park typically exceeds 100 contacts and a pre-sale velocity for the new Moorings Park Grande Lake residences that is in line with expectations and is indicative of a likely strong future.
In acknowledging Moorings Park’s strong performance S&P reported, “With stable leadership that has a track record of successfully executing large expansion projects, we believe that Moorings Park and its affiliated companies have, in our view, the best-in-class governance and management in the industry that will continue to demonstrate strong project management and financial acumen.”
The agency also pointed to Moorings Park Grande Lake’s success as it progresses through Phase 1 of construction. Phase 1 of construction, which includes three residential buildings, continues to progress on schedule with a completion date of Spring 2020. Residents of Moorings Park Grande Lake will enjoy a continuum of care provided by concierge physicians and personalized healthcare that’s included with residency, amenities and activities designed to appeal a broad range of interests, and lushly landscaped setting overlooking a 55-acre lake with golf course views from nearly every residence.
Two to four-bedroom residences range in size from 2,776 sq. ft. to over 7,800 sq. ft with prices starting from $1.5 million and refundable entrance fees.