Fitch Upgrades Greenspring Village, Inc. Revenue Bonds Rating to “A+”

The bonds rating agency cites factors including robust liquidity growth and consistently high occupancy for upgrade

(Springfield, Va.)—Greenspring recently announced that Fitch Ratings raised its revenue bonds rating to “A+” on the Fairfax County Economic Development Authority bonds, series 2006 A, issued for the Springfield, Va.-based Erickson Living retirement community.  In 2013, Fitch Ratings affirmed an “A” rating for the community; a variety of key rating drivers are responsible for the 2015 upgrade.

“We are extremely pleased with this news from Fitch Ratings,” said Berwick Drews, Director of Finance at Greenspring.  “The upgrade reflects our continued commitment to providing a premier retirement lifestyle complemented with financial strength and stability for seniors in northern Virginia.”

Fitch cites five major drivers in the 2015 bonds rating upgrade for Greenspring: robust liquidity growth; strong performance; campus-wide capital improvement project; consistently high occupancy; and solid area demographics.  Greenspring’s unrestricted cash and investments are up 55% since 2011 and the community has enjoyed occupancy above 95% in all levels of care.  The community’s priority waiting list remains strong at over 1,200 members and Greenspring benefits from its geographic location in Fairfax County, which boasts “a diverse economic base, highly educated labor force, and above-average wealth and income levels,” according to Fitch.  Additionally, Greenspring is planning for a substantial campus-wide capital project that will enhance community marketability and respond to growing trends, benefiting both current and future residents.

In 2014, Standard & Poor’s Rating Services also raised its long-term rating for Greenspring Village, Inc. to “A” from “A-” based on factors such as consistently high occupancy, favorable financial metrics, and managerial strength.  

ABOUT GREENSPRING:
Greenspring, one of 18 retirement communities managed by Erickson Living, is situated on a scenic 58-acre campus in Springfield, Virginia.  The community is home to nearly 2000 residents, many of whom reside in the community’s 1404 independent living apartment homes.  At Greenspring, over 200 resident-run and resident-driven programs promote an engaged, fulfilling lifestyle reflected in resident satisfaction levels that exceed the industry average.  Additional information about Greenspring can be found at www.ericksonliving.com.