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News - June 15, 2022
Contact: Elizabeth Bement | C: 703.915.5830
FOR IMMEDIATE RELEASE
Alexandria, VA – In its news release issued June 6, 2022, Fitch Ratings affirmed Goodwin Living™ rating of BBB+ with a stable outlook. Goodwin Living, formerly Goodwin House Inc., is a not-for-profit and faith-based senior living and health care services organization in the National Capital Region.
One of the “Big Three” credit rating agencies, Fitch cited the following in its rating action commentary: “The ‘BBB+’ IDR reflects Goodwin Living’s solid balance sheet and stable cash flow. Strong net entrance fee generation, favorable investment earnings, and a reduction in debt through a refinancing that utilized $10.2 million from Goodwin Living’s series 2015A and 2016A debt service reserve funds, produced a pro forma cash to adjusted debt that improved to 115% as of March 31, 2021 from 82% as of FYE 2020.”
“Goodwin Living continues to be strong financially, weathering the pandemic with high occupancy, continued growth of our “age in place at home” program and healthy financial reserves,” said Xan Smith, Goodwin Living Chief Financial Officer. “Goodwin Living also has continued to expand our mission and services in the Northern Virginia area serving more than 2,300 older adults daily while achieving a Washington Post Top Workplace ranking for the last three consecutive years.”
The Fitch rating for Goodwin Living can be viewed here.
About Goodwin Living™ : Goodwin Living™ touches the lives of thousands of people every day through its range of senior living communities, specialized healthcare services, community partnerships and philanthropic endeavors. With a mission to support, honor and uplift the lives of others (specifically older adults and those who care for them), Goodwin Living leads the way in expanding the places and ways we can all thrive and find purpose as we age. Older adults will discover options that meet them where they want to be, and those options are managed and provided by team members who represent more than 60 countries. Goodwin Living is a Washington Post Top Workplace for three consecutive years, from 2019 to 2021. Get more information at GoodwinLiving.org or by following Goodwin Living on Facebook and LinkedIn.