Financial Outlook Stable
It is with tremendous pride that the LifeSpire of Virginia leadership team announces that for the first time ever, the organization has achieved a financial assessment from Fitch Ratings—an award-winning provider of credit ratings, commentary and research. Fitch assigned a ‘BBB’ rating to LifeSpire of Virginia. The rating outlook is stable.
“It is truly an example of teamwork, focus and dedication toward a goal. This rating will allow us to better finance future projects and allow us to continue to reinvest in our assets and keep our communities viable for the years to come.”
LifeSpire of Virginia President and CEO Jonathan Cook
In its report, Fitch cited LifeSpire of Virginia’s strong operating profile with occupancy in each of the communities minimally affected by the coronavirus pandemic. Each community maintains a waitlist for independent living residences. Additionally, the report credited a solid financial profile and low long-term liability as key drivers for the rating.
“Not only will this allow us to borrow or refinance at lower interest rates in the future, representing significant savings for our residents and communities, but it also shows that we are committed to exceptional fiscal stewardship. What is also wonderful is we achieved this rating during the process of adding new resident wellness spaces, adding two memory care neighborhoods at The Glebe and The Culpeper, increasing dining amenities and maintaining five and four-star Centers for Medicare and Medicaid Services ratings in the licensed areas of care.”
The full Fitch Ratings report is available online.