Summary: New Jersey Economic Development Authority Fellowship Village Inc.; Long Term Care Jan 13
- ID: 2383943
- January 2013
- Region: New Jersey
- Standard & Poors
Standard & Poor's Ratings Services affirmed its 'BBB+' rating, with a stable outlook, on New Jersey Economic Development Authority's series 2008 private-placement refunding bonds, issued for Fellowship Village Inc. The rating reflects our opinion of Fellowship Village's solid record of strong operating profitability, robust days' cash on hand, and strong occupancy. While many of Fellowships' financial metrics are in line with a higher rating, we believe these metrics are somewhat offset by an unrestricted-cash-to-long-term-debt ratio and, what we consider, high adjusted leverage. While these metrics have improved over the past few years, we recognize they are not yet strong enough to merit a rating change. In addition, Fellowship's plans to issue additional debt over the next several years will limit...
Companies mentioned in this report are:
- New Jersey Econ Dev Auth
Action: Outlook: Stable
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