On July 2, 2012 Standard & Poor’s (S&P) Ratings Services, known to investors worldwide as a leader of financial market analysis, affirmed its A+ issuer credit rating on Moorings Park, a continuing care retirement community (CCRC) founded 29 years ago in Naples, Florida. Moorings Park is the only CCRC in the country to achieve this distinction. The following areas were highlighted as rationale for this determination:
- Continued strong demand for existing and new units resulting in high occupancy.
- Healthy 230-person wait list indicative of continued future demand.
- Excellent governance and management team with successful record of expanding service offerings.
- Favorable Naples location.
- Strong finances including operating margins and debt service coverage.
- Very strong balance sheet.
Founded in 1980, Moorings Park currently employs 704 people locally. Its nearly 700 residents pay a one-time entrance fee and monthly service fees. If a resident cannot live independently, the facility provides assisted-living and skilled nursing care. Recent successful expansion projects include 53 Independent apartment homes added in 2004 with an additional 29 added in 2007. During the fourth quarter of 2012, another 29 presold Waterside apartments and new restaurant will be opened. The S&P ratings analysis also included the following profile:
“We believe Moorings Park and its affiliated member companies have, what we consider, best-in-class governance and management. The Moorings Park 14-member board consists of leaders from business, academia, the legal and medical professions, and community representatives. The senior management team has good depth, articulates clear business policies and practices, sees that the buildings and grounds are well maintained and addresses residents’ and prospective residents’ housing and health-related issues.”
Moorings Park has achieved rapid asset and operating revenue growth over the past five years. S&P went on to note:
“Even more impressive, in our view, is the fact that during this five-year growth period, its finances have been consistently strong.”
Upon receiving news of the Standard and Poors A+ credit rating, Moorings Park CEO Dan Lavender confirmed an ongoing commitment to the mission of successful aging by noting:
“Moorings Park is very pleased to achieve this distinction. It is a reflection of our commitment to our residents to provide living and healthcare services that are simply the best.”
