July 11, 2023 – Fitch Ratings has affirmed an ‘A-‘ rating for HumanGood California Obligated Group and its 12 life plan communities, and a ‘BBB’ rating for HumanGood Pennsylvania and its three life plan communities with a stable outlook for each.
The ‘A-‘ rating reflect HumanGood’s improved occupancy across service lines and performance improvement initiatives that supported favorable cash flow generation in 2022, according to Fitch. It also reflects a diverse operating platform consisting of 12 life plan communities.
The affirmation of the ‘BBB’ rating is supported by HumanGood Pennsylvania’s profitability in 2022, resulting from additional revenues generated by the Rydal Waters expansion independent living units at Rydal Park and PPP loan forgiveness that balanced against higher expenses from contract labor and overtime expenses.
“These ratings are the result of our tireless work over the past year to improve our occupancy and operating margins,” said John Cochrane. “I am extremely proud of the direction we are moving so we can continue to make a lasting impact for our residents, team members and the entire HumanGood family.”
The ratings reports can also be viewed online at www.fitchratings.com.