GERMANTOWN, Md. - Fitch Ratings, a leading global ratings agency, announced on December 4 that it has upgraded the Asbury Communities Maryland Obligated Group to BBB with a Stable outlook from the previous rating of BBB-. “We are very pleased to see this affirmation of Asbury’s financial strength, which is one of our core values as we enrich the lives of those we serve. This reflects the financial security that Asbury Communities provides,” said Chief Financial Officer Michael Connell.
In announcing the upgrade, Fitch noted Asbury’s strong and consistent net operating margin, strong occupancy levels and the improved financial position and capital structure throughout the Asbury system. The Maryland Obligated Group is comprised of Asbury Methodist Village in Gaithersburg, Md., and Asbury Solomons in Solomons, Md.
In addition, Fitch pointed to the stable operating trend at the communities falling under Asbury Pennsylvania Obligated Group, Bethany Village in Mechanicsburg, Pa., and Springhill in Erie, Pa., in its report on the Maryland Obligated Group rating upgrade.
Asbury has been serving older adults for 85 years. Today, the not-for-profit organization operates five continuing care retirement communities in Maryland, Pennsylvania and Oklahoma and provides home care services for older adults in the surrounding regions.
For further information about Asbury, please visit: www.asbury.org.
Asbury provides life-enhancing services for older adults and management services for organizations in the aging services field. Asbury is ranked by the LeadingAge-Ziegler’s AZ 100 as the 15th largest not-for-profit multi-site senior living organization in the country.