LAURINBURG — Presbyterian Homes Obligated Group, the company that operates Scotia Village, has been assigned an A- rating by Fitch Ratings following bonds issued by the North Carolina Medical Care Commission.
In its report, Fitch said key drivers associated with the rating were “ … strong occupancy trends, economies of scale from running three retirement communities and pricing flexibility … .”
The report also cited operating performance, long operating history, favorable locations, attractive service offerings, strong demand, and healthy profitability levels as factors contributing to the ‘A-’ rating.
“We are very pleased with this news and what this rating will mean for The Presbyterian Homes from a cost-savings standpoint. Working together as an obligated group enables us to streamline and create an efficient borrowing situation for the organization,” said Tim Webster, President of The Presbyterian Homes, Inc.
In addition to a long tenured and experienced senior executive team, Fitch noted that staff members have successfully guided the organization through various strategic initiatives and expansion projects involving new partnerships. PHI Management Services, LLC (owned by PHI) was formed earlier this year and is now providing marketing and management services for Greensboro-based Friends Homes, Inc. PHI is also a participant in a joint venture, Capital Towers, III, LLC, to redevelop a senior affordable housing project in Raleigh.
“We view these new partnerships as a way to expand our mission of supporting the well-being of senior adults. Staff members in each of our communities work diligently to enhance programming and wellness services provided for residents. It is important to us that residents are receiving high quality services and that they feel good about their communities,” said Webster.
Tracing its origins to 1946, Presbyterian Homes, Inc. is a non-profit corporation serving approximately 2,000 seniors through continuing care retirement communities and an affordable rental apartments. It is affiliated with the Presbyterian Church through a covenant agreement. Its mission is “to provide senior adults with caring and high quality services in support of their physical, intellectual, social, and spiritual well-being.”
Presbyterian Homes owns and operates three continuing care retirement communities in North Carolina including Scotia Village on about 66 acres in Laurinburg, adjacent to St. Andrew’s University. Other properties are Glenaire located in Cary and River Landing at Sandy Ridge in Colfax. All three are accredited by the Commission on Accreditation of Rehabilitation Facilities and all of PH’s skilled care centers maintain five-star Center for Medicare and Medicaid Services.
“The board has always focused on providing the residents with a high quality and secure lifestyle and this rating from Fitch is further evidence that we are being successful.” said Kevin Tilley, chairman of the Board of Governors for Presbyterian Homes, Inc.
The report from Fitch Ratings can be reviewed in its entirety at www.fitchratings.com.