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According to Standard & Poor's, the triple-B+ rating affirmation and Stable Outlook are based on ACTS' strong organizational structure; excellent governance and management; good dispersion of operating and financial risk as evidenced by its portfolio of continuing care retirement communities (CCRCs) in six states; strong demand with high occupancy rates of 91.4% in 2008; adequate financial performance with moderate debt levels; and the accreditation of its communities by the CARF Continuing Care Accreditation Commission.
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"We are extremely pleased that Standard & Poor's has once again affirmed our investment grade rating," said Gerald T. Grant, ACTS Executive Vice President and Chief Financial Officer. "This update by S&P sends a renewed message of confidence to our residents, employees and investors about the overall financial strength of the ACTS organization. Our Board and experienced management team continue to demonstrate an ability to effectively manage through periods of economic challenges and are firmly committed to maintaining financial stability and fulfilling our mission."
Separately, Standard & Poor's affirmed its BBB+ rating and stable outlook of Azalea Trace, an ACTS affiliate community located in Pensacola, Florida. Azalea Trace continues to experience robust demand for its 357 independent-living apartments, 50 assisted living residences and 82 skilled care beds. S&P further cited the positive benefits from Azalea Trace's affiliation with ACTS that should lead to continued financial and operating stability for the community.
ACTS is one of the premier not-for-profit companies in the senior living industry, with revenues exceeding $300 million and assets nearing $1 billion. ACTS follows a conservative growth model and has achieved steady, sensible growth in a highly competitive industry. All established ACTS communities are accredited by CARF for financial viability, governance, quality of life and health care.
Headquartered in West Point, Pennsylvania, ACTS is the largest not-for-profit owner, operator and developer of CCRCs in the United States. ACTS has approximately 5,400 employees and provides housing and senior care services to more than 8,100 seniors through its family of 19 life care communities in Pennsylvania, North and South Carolina, Georgia, Alabama, and Florida. For more information: ACTSretirement.com.
CONTACT: Michael Smith of ACTS Retirement-Life Communities, +1-215-661-8330, x00580, [email protected]
SOURCE ACTS Retirement-Life Communities
