Winston-Salem, NC – October 13, 2011 –
Arbor Acres has received an A- affirmation from Fitch Ratings, an industry leader in reviewing the financial strength of not-for-profit Continuing Care Retirement Communities (CCRCs.) Of the 1,862 Continuing Care Retirement Communities in the United States, only 33 have received an A category rating, placing Arbor Acres in the top 2%.
In its bi-annual review, Fitch Ratings evaluated Arbor Acres in eight areas: organization and history; management and governance; residency contract; service area and competition; utilization; financial performance; capital structure; and security and business covenants. Key factors in the A- rating were Arbor Acres’ solid occupancy; strong debt service coverage; heavy investment in facilities; and strong days cash on hand.
“When people decide to move to a retirement community, they want to know that it is going to be in business for their lifetime. This is especially true of CCRCs, which offer all levels of care,” explains Ken Boyles, Chief Financial Officer of Arbor Acres. “Receiving an A-, in today’s volatile economic atmosphere and while Arbor Acres is the middle of a major expansion, provides assurance to our residents that Arbor Acres is operating on a sound basis, and that we will absolutely be around for the long run.”
According to David Slack, a consultant with Aging Research Institute in Lawrence, Kansas, Fitch Ratings also takes into account the area in which the CCRC is located. “This A- Fitch rating is a tremendous compliment to Arbor Acres and to Winston-Salem. It confirms that Arbor Acres has a good staff and Board of Directors, a beautiful campus with great services, and that Winston-Salem is a desirable place to live. There aren’t many CCRCs that are rated this highly, period.”
Located on 83 acres near downtown Winston-Salem, North Carolina, Arbor Acres United Methodist Retirement Community is accredited by the Continuing Care Commission, and is home to over 400 residents in independent living, assisted living, including memory care, and skilled nursing. For more information please visit www.arboracres.org.
1240 Arbor Road
Winston-Salem, NC 27104
336-724-7921, ext. 1350