News - September 8, 2020

FOR IMMEDIATE RELEASE

Contact:  Lindsay Hutter, GHI | 703.824.1109 | lhutter@goodwinliving.org

Goodwin House Incorporated Sees BBB+ Investor Rating Affirmed

Premier Senior Living and Health Care Organization Serves 2,000 Older Adults Across Northern Virginia

Alexandria, VA - In its news release issued September 4, 2020, Fitch Ratings affirmed Goodwin House Incorporated (GHI) rating of BBB+, with a stable outlook. GHI is a nonprofit, mission-driven, senior living and health care services organization serving the Northern Virginia region. The ratings apply to the following bonds issued on behalf of GHI:

• $65.9 million Fairfax County Economic Development Authority Residential Care Facilities Mortgage Revenue Refunding Bonds, Series 2016A;
• $67.7 million Industrial Development Authority of the City of Alexandria Residential Care Facilities Mortgage Revenue Bonds, Series 2015; and

One of the “Big Three” credit rating agencies, Fitch cited strong occupancy performance of GHI’s two senior living communities, Goodwin House Alexandria and Goodwin House Bailey’s Crossroads, over the last three years and called out GHI’s ability to sustain occupancy during the coronavirus pandemic. Fitch also cited the successful expansion and renovation of Goodwin House Alexandria completing in 2019. That project reflected a $70 million investment and included the development of a state of the art health care center. Additional rating drivers are GHI’s stable operations and stable. Of the approximately 1,900 Life Plan Communities in the United States, fewer than 150 have investment grade ratings (BBB or better).

“We are pleased with Fitch’s recognition of our solid performance across our Life Plan Communities and our financial metrics as reflected in the affirmation of a BBB+ rating” said Richard Carter, GHI Chief Financial Officer. “Fitch’s action to affirm our BBB+ significant important public vote of confidence in Goodwin House’s operational and financial strengths.”

The Fitch rating for GHI can be viewed here.

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About Goodwin House Incorporated: Celebrating more than 50 years of providing exceptional service to older adults, Goodwin House Incorporated (GHI) is a not-for-profit, Virginia-based corporation affiliated with the Episcopal Church. The growing family of GHI senior living and healthcare services owned and operated across Northern Virginia includes: two Life Plan Communities—Goodwin House Alexandria and Goodwin House Bailey’s Crossroads; an innovative continuing care at home program—Goodwin House at Home; and a portfolio of healthcare services and partnerships delivering Palliative Care, Home Health, Primary Care and Hospice. GHI also is the management agent for The Lewinsville Retirement Residences, Inc. serving low-income older adults in McLean and Great Falls, Virginia.

GHI also advances its mission through the Goodwin House Foundation, a 501(c)(3) supporting foundation that provides financial support to current and future residents in need and to fund programs dedicated to promoting growth and education of staff as well as overall well-being and vibrant living as we age.