Carol Woods Receives A+ Rating from Standards and Poor's
November 14, 2019 -
Carol Woods announced that S&P Global Ratings recently raised its issuer credit rating to 'A+' from 'A' making it one of the only A+ S&P rated Continuing Care Retirement Communities (CCRC) in the country. S&P states that the rating “reflects our view of Carol Woods' key credit strengths, including its considerable unrestricted reserves, consistent cash flow, and maximum annual debt service coverage, and excellent demand for independent and assisted living.”
Carol Woods is one of only 5 CCRC's in the country, and the only CCRC in North Carolina, with a rating of A+ or stronger through S&P. The other 4 communities are located in Florida, Pennsylvania, and South Dakota.
S&P also noted the generally high occupancy for all levels of service and the economically favorable service area with notable population growth and an above-average income base. The agency also pointed to the benefit of Carol Woods’ experienced and stable management team that continues to maintain a stable financial profile, coupled with a strong culture of strategic planning and financial forecasting.
The biggest benefit of the A+ rating is a lower cost of debt. It allows the community to take advantage of lower borrowing rates, reduced interest expense and a lower cost of capital.
For more information about Carol Woods, visit www.carolwoods.org or call 1-800-518-9333.