Rating indicates high credit quality for the continuum of care retirement community in Rye
Rye, NY, July 15, 2020: Fitch Ratings (Fitch) has affirmed its 'A-' rating on revenue bonds issued on behalf of the Miriam Osborn Memorial Home Association (The Osborn). This rating indicates high credit quality maintained by the organization, a non-profit continuum of care retirement community based in Rye on a 56-acre campus.
“We are very proud of this excellent rating, especially in light of the current challenging economic times,” said Matthew Anderson, President and CEO of The Osborn. “Throughout our 100-plus year history, we have been committed to providing a safe, engaged, and active lifestyle for our residents, as well as exemplary care for those who require it, while maintaining our financial stability.”
Fitch is a leading provider of credit ratings, commentary, and research. According to Fitch, The Osborn has maintained very strong occupancy for more than a decade. As Fitch explained in its Rating Action Commentary, “…the stable outlook reflects Fitch's expectation that The Osborn will successfully navigate the current operating environment.”
Further, in its commentary, Fitch stated, “The Osborn has developed a very strong reputation, owing largely to its high quality services and amenities, which Fitch expects should continue to exhibit a strong demand profile.” It was noted that the local market continues to display favorable wealth indicators, a growing population in the 65+ age group, and strong real estate values.
Fitch concluded that The Osborn’s capital plan remains consistent and its very strong long-term liability profile has been sustained, as reflected in various infrastructure upgrades and renovations throughout the campus.
About The Osborn
The Osborn is a private, non-profit continuum of care community which is accredited by CARF and has a Fitch A- rating. The Osborn offers residents choices for both lifestyle and healthcare services that are carefully matched to their individual needs and interests. The Osborn offers a selection of beautiful residences in Independent Living and Assisted Living, including Memory Care. For those needing additional care, The Osborn Pavilion, our 5-star licensed facility, provides long-term skilled nursing care, as well as short-term inpatient and outpatient rehabilitation. To learn about any of The Osborn’s programs and services, please visit our website at http://www.theosborn.org or call us at (888) 9-OSBORN.