Piper Shores is pleased to share that Fitch Ratings has upgraded our community’s credit rating from ‘A-’ to ‘A’ with a Stable Outlook, marking a significant milestone in our continued commitment to financial strength and resident-focused leadership.
This upgraded rating reflects several key achievements in recent years, including the successful completion and full occupancy of The Meadows, our 52-unit independent living expansion. Completed in 2024, The Meadows has generated an estimated $2.0 to $2.5 million in additional annual operating profit, reinforcing the long-term financial stability of our nonprofit community.
In this report, Fitch highlighted Piper Shores’ strong operating performance, healthy demand, solid cash reserves, and improved leverage profile. The rating agency also cited the strength of our leadership team, our long-range planning, and our mission-driven approach as factors that position Piper Shores for continued success.
“Being upgraded to an ‘A’ rating by Fitch is a testament to the strength of our mission and the discipline of our team,” said Phil Jean, CEO of Piper Shores. “Over the last several years, we’ve worked hard to ensure Piper Shores remains a financially sound, resident-focused organization. The full occupancy and success of The Meadows, combined with our robust cash reserves and operational consistency, have helped position us for long-term stability. This recognition reinforces our commitment to delivering exceptional living experiences while responsibly stewarding the future of our community.”
The Stable Outlook reflects confidence in Piper Shores’ ability to maintain high occupancy and generate consistent cash flow, even in a competitive market. With over two decades of steady growth and a deep commitment to serving Maine seniors, Piper Shores continues to lead the way in delivering high-quality retirement living on the coast of Maine.