Fitch Ratings has affirmed Miriam Osborn Memorial Home Association’s (The Osborn) Issuer Default Rating (IDR) at ’A.’ Fitch has also affirmed at ’A’ the rating on revenue bonds issued by Westchester County Local Development Corp. on behalf of The Osborn. The Rating Outlook is Stable.
“The Osborn is very proud of maintaining an A credit rating, which reflects our ability to implement a business plan that addresses the needs of our community today while preparing for a stable, successful future,” said Matthew Anderson, president and CEO of The Osborn. “It is wonderfully reassuring for residents and families to know that they have made a choice in senior living that is fiscally sound as well as enjoyable and fulfilling.”
Fitch is a leading provider of credit ratings, commentary and research with clients throughout the world. Its rating commentary notes The Osborn’s “robust balance sheet” and says that “due to healthy demand by new residents, entrance fee refunds historically have not depleted [the] liquidity cushion, and Fitch does not expect them to do so during the two-year Outlook period.”
The Fitch commentary observed that The Osborn’s “distinctive service offerings include outdoor dining options, lifelong learning and lecture series and proximity to diverse public transportation options to New York City. These differentiating factors have helped The Osborn to maintain strong demand, offsetting competition from other LPCs in the Hudson Valley region. . . . The Osborn also benefits from strong brand-name recognition in the Westchester County area given its 100+ year operating history as a senior living community and its distinctive campus-like appearance . . . .”
The Osborn has received many accolades, including for multiple years recognition by “U.S. News & World Report” as one of the nation’s “Best Continuing Care Retirement Communities.”
The Osborn is a private, nonprofit, continuum of care community, founded in 1908 and based in Rye, New York. It offers independent living, assisted living, memory care, and skilled nursing, as well as inpatient and outpatient rehabilitation. In addition to residential and health-care services on its 56-acre campus, the organization provides home care and companion services in Westchester and Fairfield counties through Osborn Home Care.
