Moorings Park announced that its A+ ratings by Standard & Poor’s Rating Services (S&P) and Fitch Ratings have been affirmed. Moorings Park is a nationally accredited, nonprofit, Medicare certified community and one of the only A+ S&P and Fitch rated Continuing Care Retirement Communities in the country. Moorings Park has been acknowledged as Southwest Florida's premier retirement community for more than 30 years and is the only Continuing Care Retirement Community (CCRC) located in the City of Naples. Moorings Park’s lifestyle and continuum of care are provided at a predictable and affordable cost with no increase in monthly fees if a change in the level of care to assisted living, memory care, or skilled nursing is required.
“Moorings Park is very pleased to achieve these distinctions,” said Moorings Park CEO Dan Lavender. “They are a reflection of our commitment to our residents to provide living and healthcare services that are simply the best.”
S&P’s credit ratings express the agency’s opinion about the ability and willingness of an issuer, such as a corporation or state or city government, to meet its financial obligations in full and on time. S&P affirmed its “A+” issuer credit rating (ICR) on The Moorings Park Institute, Inc. (MPI), the parent company of Moorings Park that is legally known as The Moorings, Inc., and indicated the outlook is “Positive.” The A+ rating and positive outlook reflect the very strong demand and financial position of MPI and S&P’s view that MPI also has strong governance and management.
In 1924, the Fitch Publishing Company first introduced the now familiar "AAA" to "D" ratings scale to meet the growing demand for independent analysis of financial securities. Fitch Ratings was one of the three ratings agencies first recognized by the Securities and Exchange Commission as a nationally recognized statistical rating organization (NRSRO) in 1975. Fitch Ratings is a division of the Fitch Group that is jointly owned by Paris-based Fimalac, S.A. and New York-based Hearst Corporation. Fitch Ratings affirmed three Collier County Health Facilities Authority bonds issued on behalf of The Moorings, Inc. at “A+” and indicated a “Stable” rating outlook.
The A+ ratings affirmations by both S&P and Fitch were driven in part by Moorings Park’s excellent financial profile and the continued strong demand for the services it provides. S&P noted the generally high occupancy for all levels of service at Moorings Park’s 83-acre campus on Goodlette-Frank Road with 384 independent living units typically attaining or exceeding an occupancy level of 95%, a level significantly higher than industry averages. S&P also noted the waiting list for independent living units at Moorings Park typically exceeds 200 and is indicative of a likely strong future.
Both agencies also acknowledged Moorings Park’s strong governance and senior management that has sound financial policies in place, a history of conservative fiscal practices, and a good track record of completing expansion and renovation projects on time and within budget while filling the projects on completion with residents often ahead of schedule.
The agencies also pointed to Moorings Park’s continued growth. The new Moorings Park at Grey Oaks campus is currently under construction at the intersection of Golden Gate Parkway and Airport-Pulling Road in Naples and will include a collection of over 90 garden home and penthouse residences in twelve residential buildings at build-out. Fitch toured the Moorings Park at Grey Oaks site and views the strategy to expand Moorings Park’s presence favorably, noting that “Thus far, the project is nearly 100% presold, on budget, and ahead of schedule.”
Construction of the Phase I, II, and III residential buildings continues to progress. Four Phase I residential buildings are slated for completion in fourth quarter 2015. A limited opportunity remains available to enjoy Moorings Park at Grey Oaks’ continuum of care and active lifestyle in a Phase III residence. The remaining residences offer views of a lushly landscaped central pedestrian and golf cart corridor lined with royal palm trees that will link the community’s three neighborhoods, or of the Estuary at Grey Oaks golf course. Floor plan choices priced from $1.4 million provide an opportunity to transition to an elegant home in a carefree, maintenance-free environment. Residents of Moorings Park at Grey Oaks will enjoy a continuum of care provided by the greatest concentration of geriatrics clinical expertise in Southwest Florida, lifestyle programs to suit a broad variety of interests, a lushly landscaped setting with captivating water features, and the amenities and activities available through the Sports Membership at Grey Oaks Country Club that, as planned, will be included with every residence.
Moorings Park at Grey Oaks recently introduced the Residences at Grande Place that will be included in Phase IV. The Residences at Grande Place’s two-bedroom plus den, two-and-a-half bath residences are expected to range from 1,858 to 2,696 square feet and are priced from $1.1 million. The penthouse-style residences will be situated on the top floors of the community’s clubhouse and will provide both elegance and convenience. The superb dining, resort-style pool, and numerous life enriching amenities offered at the clubhouse will be just a private elevator ride away. Four coordinated finish and color palettes created by the award-winning Wegman Design Group will provide a choice of warm and elegant interior styles while leaving opportunities to personalize the space. The traditional Aura style, classic Sabbia scheme, stylish and handsome Bello look, and the clean, contemporary Fresco style each present a sophisticated palette of rich textures and materials that will stand the test of time.
Moorings Park at Grey Oaks residents will have the additional benefit of access to many of the amenities at Moorings Park's Goodlette-Frank Road campus, including the Center for Healthy Living that includes additional fitness, theatre, spa and salon services, dining at the elegant Trio restaurant and an invitation to the Bower Chapel Concert Series and worship services.
