Fitch Ratings, a leading global ratings agency, announced on March 30 that it has affirmed the Asbury Communities Maryland Obligated Group’s BBB rating with a Stable outlook.
In the announcement, Fitch noted that Asbury’s operating ratio, net operating margin and debt service coverage are consistent with the prior four years of audited results and all compare well to Fitch’s BBBÂ category medians. Fitch also noted that occupancy across all three levels of care — independent, assisted-living and heath care — was above 90%, which is also consistent with the prior four audited years. Fitch said it views the steady operating performance and high occupancy as key credit strengths that support the rating.
The Maryland Obligated Group is comprised of Asbury Methodist Village in Gaithersburg, Md., and Asbury Solomons in Solomons, Md. In addition, Fitch pointed to the financial stability of the communities falling under Asbury Pennsylvania Obligated Group, Bethany Village in Mechanicsburg, Pa., and Springhill in Erie, Pa., in its report on the Maryland Obligated Group rating.
Read the full Fitch release about Asbury’s rating here.
