News - September 3, 2021

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 2,200 Older Adults Across Northern Virginia

Alexandria, VA – In its news release issued August 31, 2021, 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 Washington D.C. 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;
• $65.9 million Industrial Development Authority of the City of Alexandria residential care facilities mortgage revenue bonds, series 2015.

One of the “Big Three” credit rating agencies, Fitch cited the following in their rating action commentary: “The 'BBB+' IDR reflects Goodwin House's sound financial profile in the context of its midrange revenue defensibility and operating risk profile assessments. Fitch expects that Goodwin House's occupancy and operating metrics should remain solid, allowing it to maintain cash-to-adjusted debt and MADS coverage ratios that are consistent with a 'BBB+' rating, including in the out years of Fitch's forward-looking stress case scenario.”

“Fitch’s action to affirm our BBB+ is a significant vote of confidence in Goodwin House’s operational and financial strengths, especially given the last 18 months of a global pandemic that presented tremendous challenges to the field of senior living,” said Richard Carter, GHI Chief Financial Officer.

The Fitch rating for GHI can be viewed here.

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About Goodwin House Incorporated: Celebrating 54 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. Through its growing family of senior living and healthcare services owned and operated across Northern Virginia, GHI serves 2,000 older adults with options that include: 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 Home Health, Rehabilitation, Primary Care, Palliative 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.