Senior Living Organization's Positive Credit Ratings Affirmed by S&P and Fitch
WEST POINT, Pa., Dec. 6, 2010 /PRNewswire-USNewswire/ -- ACTS Retirement-Life Communities, a suburban Philadelphia-based senior living company, reached a milestone recently by surpassing more than $1 billion in total assets. The achievement occurred when ACTS completed an affiliation earlier this year with two other senior living organizations, the Peninsula United Methodist Homes and Heron Point of Chestertown, Maryland.
ACTS also announced that two of the nation's largest credit ratings agencies, Fitch Ratings and Standard & Poor's (S&P), have given a positive assessment of the organization's financial health. In conjunction with the completion of a $54 million tax-exempt bond financing on November 30, 2010, administered through the Palm Beach Health Facilities Authority, Fitch Ratings has affirmed the ACTS Obligated Group 'A-' credit rating, and S&P affirmed its previous 'BBB+' credit rating. Both agencies offered an outlook of stable, reflecting their expectation that ACTS is well positioned to maintain solid operating performance and remain profitable.
"ACTS was started by a group of church leaders with the mission of providing an exceptional lifestyle and compassionate care to seniors," said ACTS President and CEO Marvin Mashner. "Today, we are proud to have built an organization that provides for the well being and security for seniors in eight states across the eastern seaboard. We look forward to continued growth and bringing the ACTS lifestyle to as many seniors as possible."
ACTS has achieved steady growth in the senior living industry and is one of the nation's largest not-for-profit continuing care retirement community (CCRC) systems. Since its inception in 1971 with a single campus in Fort Washington, Pennsylvania, ACTS has grown through a combination of organic growth and acquisitions. ACTS currently owns and manages 23 CCRCs across the East Coast that serve nearly 9,000 seniors in multiple residential styles and levels of health care.
Headquartered in West Point, Pennsylvania, ACTS has a family of senior living campuses in Pennsylvania, Delaware, Maryland, North and South Carolina, Georgia, Alabama, and Florida. ACTS maintains the highest number of accredited communities by the CARF Continuing Care Accreditation Commission reflecting a commitment to meeting high standards of financial stability, governance, resident life and health care. Website: ACTSretirement.org.
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SOURCE ACTS Retirement-Life Communities