Global ratings agency places Piper Shores in top 5 percent nationally
Piper Shores has been awarded a prestigious A- credit rating from Fitch Ratings, a nationally recognized statistical rating organization (NRSRO) designated by the U.S. Securities and Exchange Commission. The rating places Piper Shores in the top 5 percent of U.S. retirement communities in terms of financial health and stability. The high A- rating is rare for a single site retirement community with fewer than 15 years of operating history.
“We are very pleased with this rating,” says Piper Shores Finance Director Richard Ashley. “Of the over 80 retirement communities Fitch rates, fewer than 10 have earned a rating higher than an A-, which is investment grade, and generally only the top 20% of communities are rated.”
The Fitch rating highlights Piper Shores’ strong cash and investments position, and validates the community’s long-term financial health and stability. This rating provides assurance that Piper Shores can honor its obligations to residents, while maintaining Piper Shores’ dedication to exceptional care and amenities.
“People want to know that the investment they make in Piper Shores is a safe investment,” says Mr. Ashley. “The Fitch rating tells residents that their investment is safe, and that we will be able to continue to provide exceptional care, continue to invest in our physical plant and amenities, and ensure that the promise of lifecare is available to our residents for many years to come.“
Several key factors contributed to the A- rating. In addition to Piper Shores’ strong balance sheet, the community’s striking coastal setting along Scarborough’s coast, and Piper Shores’ position as the only non-profit lifecare CCRC in the state of Maine were also factors in the high rating. Piper Shores has consistently maintained over 94 percent campus-wide occupancy since 2009, demonstrating robust demand for its services and providing a steady level of net entrance and monthly fee revenue, which supports profitability.
Fitch notes that Piper Shores’ exceptional approach to care, competitive entrance fee pricing, type-A contract, and desirable location will continue to support a strong market position going forward.
Additional information is available at www.fitchratings.com.