THE OSBORN’S A- CREDIT RATING FROM FITCH AFFIRMED-Indicates high credit quality for the continuum of care community in Rye, New York
Rye, NY (JUNE 21, 2021): Fitch Ratings has assigned an “A-“ issuer default rating (IDR) to the Miriam Osborn Memorial Home Association (The Osborn) and has affirmed its “A-“ revenue rating on revenue bonds issued on The Osborn’s behalf. The IDR rating indicates the high credit quality maintained by the organization, a non-profit continuum of care retirement community in Rye, NY. Fitch also revised The Osborn’s rating outlook from “Stable” to “Positive,” reflecting expected growth as healthcare census recovers to pre-pandemic levels.
“We are very proud of sustaining this excellent rating, especially in light of the current challenging economic times brought on by the COVID-19 pandemic,” said Matthew Anderson, President and CEO of The Osborn. “Throughout our 113-year history, we have been committed to providing an active, safe, and engaged lifestyle for our residents today while maintaining our financial stability for a successful future.”
Fitch is a leading provider of credit ratings, commentary, and research with clients throughout the world. According to Fitch, “The A-rating reflects the strength of [The Osborn’s] financial profile . . . .” Fitch’s rating action commentary went on to say, “Despite the challenges in marketing and sales brought on by the coronavirus pandemic, [The Osborn] was able to maintain average [independent living unit] occupancy of 90% in 2020.”
Further, in its previous rating action commentary, Fitch outlined that, “The Osborn has developed a very strong reputation, owing largely to its high quality services and amenities, which Fitch expects should continue to support a strong demand profile.” It was noted that the local market continues to display favorable wealth indicators, a growing population in the 65+ age group, and strong real estate values.
About The Osborn
The Osborn is a private, non-profit continuum of care community which is accredited by CARF and has a Fitch A- rating. The Osborn offers residents choices for both lifestyle and healthcare services that are carefully matched to their individual needs and interests. The Osborn offers a selection of beautiful residences in Independent Living and Assisted Living, including Memory Care. For those needing additional care, The Osborn Pavilion, our 5-star licensed facility, provides long-term skilled nursing care, as well as short-term inpatient and outpatient rehabilitation. To learn about any of The Osborn’s programs and services, please visit our website at http://www.theosborn.org or call us at (888) 9-OSBORN.