S&P affirms ‘BBB-‘ credit rating for be.group with stable outlook

This week S&P Global Ratings affirmed its ‘BBB-‘long-term rating for Southern California Presbyterian Homes (SCPH), known as be.group.

SCPH and American Baptist Homes of the West (ABHOW) affiliated as of May 1, 2016, and officially became HumanGood on July 10, 2017.

As part of its rationale for the ratings score, S&P stated that SCPH’s overall credit profile benefited from the affiliation. “The ‘BBB-‘ rating reflects our view of be.group’s sound balance sheet and robust liquidity levels which provides some financial flexibility at the current rating, offset by weaker operating margins in fiscal 2016,” S&P’s release said. “The rating also reflects our view of SCPH’s consistently strong occupancy across the continuum.”

The S&P rating comes after Fitch Ratings affirmed a ‘BBB+’ rating for ABHOW in June. In its report, Fitch stated, “ABHOW’s main credit strength is its revenue size with facilities that are geographically diverse, competitively priced and have a long history of providing care in each of their service areas.”

Both S&P and Fitch gave stable outlooks for SCPH and ABHOW.

The Fitch ratings report is available here.

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