Charlestown recently announced that Fitch Ratings affirmed its 'A' rating on the Maryland Health and Higher Educational Facilities Authority bonds issued on behalf of the community. A variety of key drivers are responsible for the favorable rating.
"We are extremely proud to earn another 'A' rating from Fitch," says Pamela Stiner, Director of Finance at Charlestown. "The rating reflects our continued commitment to providing a premier retirement lifestyle complemented with financial strength and stability for seniors in Maryland."
Fitch cites three major drivers in the 2018 bonds rating for Charlestown: the community's adequate financial profile, continued strong occupancy and campus project progress. Charlestown's financial profile is characterized by steady operating performance, with the operating ratio on an improving trend, and steady debt service coverage with good revenue. The stable operating performance is supported by solid and consistent occupancy, especially in independent living, which is consistently in the 98% range.
Charlestown continues to make strong progress on its $80 million, five-year healthcare repositioning project that started in 2016. The project, which entails phased replacement of existing healthcare buildings, is on budget and completion is expected in 2021.
About Charlestown: Charlestown, one of 19 continuing care retirement communities managed by Erickson Living®, is situated on a scenic 110-acre campus in Catonsville, Maryland. The community is located in Baltimore County and is home to more than 2,000 residents who are supported by a team of more than 1,200 employees. Additional information about Charlestown can be found at CharlestownCommunity.com.