Standard & Poor’s Raises Greenspring Village, Inc. Bond Rating

The new “A” rating signifies financial stability and operational strength at the community

(Springfield, Va.) – Standard & Poor’s Rating Services recently raised the long-term rating to “A” from “A-” for the revenue bonds issued for Greenspring Village, Inc.  The increase in rating signifies the continued strong financial performance of the Springfield, Va. retirement community based on a variety of factors from high occupancy to managerial strength.   

“The rating increase is tremendously positive news for both current and future residents of Greenspring,” said Berwick Drews, Greenspring’s Director of Finance.  “It provides further confirmation that moving to Greenspring is a financially sound decision, allowing residents to take comfort in knowing their investment is secure.”

Standard & Poor’s cites several key credit strengths for the increased rating; among those are the high occupancy rates achieved at the community over the past year.  Greenspring consistently maintained 99% occupancy in independent living, which is significantly higher than the continuing care retirement community (CCRC) industry average that hovers around 90%.  Other levels of care at Greenspring, including assisted living and nursing care, also yielded similarly strong occupancy rates.

Additionally, the management team at Greenspring has remained stable with very little turnover.  While Greenspring operates independently as a not-for-profit, the strength and depth in management has in part been afforded by the community’s contract with Baltimore-based organization, Erickson Living, which provides for support and security during transitional periods. 

Standard & Poor’s has also provided a stable outlook for the community, which indicates an expectation of continued financial success in future years.  Greenspring has committed to reinvesting in the community in order to maintain high satisfaction among current residents and remain attractive to the next generation of residents.  Part of that commitment involves a modernization plan for each apartment home upon release before a new resident occupies the space.  A master plan has also been developed for the community with a significant focus on modernizing the health, wellness, and culinary experience in response to the demands of the next generation.  Still under development, the first phase of the plan aims to modernize and expand the fitness center, the aquatics center, and the continuing care neighborhood.  The community plans to tap into cash reserves to fund the master plan, rather than take on long-term debt.

“The future is bright for Greenspring,” said Drews.  “As we respond to emerging trends in retirement living, we will continue to provide a premier and affordable lifestyle for seniors in northern Virginia.”

About Greenspring: Greenspring is situated on a scenic 58-acre campus in Springfield, Virginia.  The community is home to nearly 2000 residents, many of whom reside in over 1400 independent living apartment homes.  At Greenspring, over 200 resident-run and resident-driven programs promote an engaged, fulfilling lifestyle that is reflected in resident satisfaction levels that exceed the industry average.  Additional information about Greenspring can be found at www.ericksonliving.com.