LENOX — Fitch Ratings has upgraded the revenue bond rating for Berkshire Retirement Community, d/b/a Kimball Farms Continuing Life Care Community (CLCC), from ‘A’ to ‘A+’ with a stable outlook.
Fitch is an international credit-rating agency based out of New York City and London. Investors use the company’s ratings as a guide as to which investments will not default and subsequently yield a solid return. Along with Moody’s and Standard & Poor’s, Fitch is one of the top three credit-rating agencies in the world.
The bonds are secured by a pledge of gross revenues, a first-mortgage lien on certain property and equipment, and a debt-service reserve fund.
The upgrade to ‘A+’ reflects Kimball Farms’ continued liquidity growth and debt moderation, all of which compare favorably to Fitch’s ‘A’-category medians.
“We are thrilled that Kimball Farms CLCC has received this improved rating from Fitch and are proud of our staff and leadership who have established a consistent track record of excellence in everything they do,” said Bill Jones, president of Berkshire Healthcare Systems. “This reinforces Berkshire Healthcare’s commitment to providing a broad range of quality senior-living care options in our community.”
Kimball Farms is a type-A (life-care) life-plan community located on two campuses in Lenox. The Kimball Farms at Walker Street campus includes 150 independent-living units, 48 assisted-living units, and 26 memory-care units. The Kimball Farms Nursing Care Center at Sunset Avenue includes a 74-bed skilled-nursing facility with a dedicated memory-care unit. The campuses are located approximately one mile apart, and transportation is provided to residents and family members.
The detailed rating report can be found at www.fitchratings.com.