Setauket, NY…September 28, 2021…
Jefferson’s Ferry, a not-for-profit Life Plan Community, recently received a solid BBB rating with a stable outlook by FitchRatings. The ‘BBB’ rating primarily reflects the expected resilience of Jefferson’s Ferry’s financial profile throughout Fitch’s forward-looking analysis of the expansion and renovation of the community during its ambitious Journey to Renewal project. When completed, Journey to Renewal will add 60 one- and two-bedroom independent living apartments to the Jefferson’s Ferry campus, as well as expand and upgrade its Healthy Living Center, Rehabilitation Therapy Center, Fitness Center, and dining venues. A new 20-bed state of the art Memory Care Unit is also under construction.
In its report, Fitch remarked upon the strength of Jefferson’s Ferry’s historically high occupancy in its independent living apartments and cottages. Under Fitch’s forward-looking scenario, whereby investment and economic stresses were applied, Jefferson’s Ferry maintains its solid leverage metrics throughout construction and occupancy, supporting the ‘BBB’ rating and Stable Outlook.
“We are extremely pleased that FitchRatings has again given Jefferson’s Ferry a robust rating of BBB,” said Bob Caulfield, President and CEO of Jefferson’s Ferry. “This rating reflects the financial stability that has enabled us to continue to maintain and improve our physical plant, welcome more residents, and introduce many new services that meet the demands of both current and incoming residents and benefit the entire community.”
In recent years, Jefferson’s Ferry has exhibited an ongoing strong demand, which Fitch attributes to its favorable reputation, good location, and the relatively small number of Life Plan Communities on Long Island. Jefferson’s Ferry has maintained high occupancy levels across all areas of its campus, averaging 94% occupancy in its Independent Living residences, 93% occupancy in its assisted living apartments and 92% occupancy in its skilled nursing facility over the last five fiscal years.
Fitch Ratings’ credit ratings provide an opinion on the relative ability of an entity to meet financial commitments, such as interest, repayment of principal, insurance claims or counterparty obligations. Credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of corporate, sovereign (including supranational and sub-national), financial, bank, insurance, municipal and other public finance entities and the securities or other obligations they issue, as well as structured finance securities backed by receivables or other financial assets.