June 21, 2024 – Fitch Ratings has affirmed our ratings of ‘A-’ while making a favorable revision of the outlook from stable to positive for the HumanGood California Obligated Group and its life plan communities and affirmed a ‘BBB’ rating with a stable outlook for HumanGood Pennsylvania and its three life plan communities.
“The ratings actions are a testament to the tremendous efforts and sustained positive results of our team members, residents, and the entire HumanGood family. I am proud of all of our efforts and our commitment to our mission of inspiring the best life,” said John Cochrane, president and CEO of HumanGood.
HumanGood
The ‘A-‘ rating reflects HumanGood’s occupancy growth and expense management leading to improved operating profitability and cash flow generation, according to Fitch. It also reflects the scale and strength of our diverse operating platform, strong sales pipeline and labor management.
Click here to read the ratings report for HumanGood California Obligated Group.
HumanGood Pennsylvania
The affirmation of the ‘BBB’ rating is supported by HumanGood Pennsylvania’s stable profitability in 2023, as well as incremental improvement in occupancy and liquidity.
Fitch cited the investment in memory care units at Mansion at Rosemont and the conversion of office space into apartment units at Spring Mill Pointe, saying recent successes are attributable to our affiliation and ongoing support from the Bala Foundation.
Click here to read the report for HumanGood Pennsylvania.
The ratings reports can also be viewed online at www.fitchratings.com
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