Fitch Ratings Affirms Financial Health of Peninsula United Methodist Homes
HOCKESSIN, Del., Nov. 26, 2012 /PRNewswire-USNewswire/ — ACTS Retirement-Life Communities announced today that Fitch Ratings services has given its affiliate Peninsula United Methodist Homes, Inc. (PUMH), a Delaware-based owner of three continuing care retirement communities (CCRCs), a positive assessment of its financial health by affirming its ‘BBB’ credit rating and upgrading its rating outlook from Stable to Positive.
According to Fitch, the rating assessment of PUMH reflects the benefits realized from its affiliation with ACTS Retirement-Life Communities (revenue bonds rated ‘A-’ by Fitch), resulting in significantly improved financial strength, profitability, and performance.
In May 2010, PUMH completed an affiliation agreement with ACTS, which assumed management, operation and control of PUMH’s three CCRC campuses.
In their report, Fitch cited that PUMH has realized the operational, managerial and scale benefits from its affiliation with ACTS, one of the nation’s largest not-for-profit CCRC providers. ACTS owns and operates a portfolio of 23 CCRCs located throughout the East Coast.
“We are pleased that Fitch Ratings has further reinforced our assessment of the benefits realized through the ACTS/PUMH affiliation,” said ACTS President and CEO Marvin Mashner. “We view the PUMH communities, residents and staff as a full and integral part of the ACTS family and we are proud of the success this affiliation has generated.”
Founded in 1954, PUMH is a not-for-profit organization that operates three CCRCs in Delaware: Country House in Greenville; Manor House in Seaford; and Cokesbury Village in Hockessin. Collectively, the three communities are home to approximately 800 residents, and each is accredited by CARF-CAAC for financial stability, governance, quality of life and health care. PUMH is an affiliate member of ACTS Retirement-Life Communities. For more information about PUMH please visit: ACTSretirement.org.
CONTACT: Michael Smith, +1-215-661-8330 x00580, firstname.lastname@example.org
SOURCE ACTS Retirement-Life Communities