Fitch Ratings assigned a negative watch to the outstanding debt issued through the Indiana Health Facilities Financing Authority on behalf of retirement facility Marquette Manor.
The action comes as the continuing care retirement community plans to issue roughly $60 million of new debt, which Fitch analysts warned would result in a downgrade of the facility’s current A-minus rating.
Fitch’s action affects $14.16 million of outstanding debt sold for the CCRC. Proceeds from the upcoming issue would be used to expand its campus.
Marquette Manor, located in Indianapolis, has more than 350 living units. Its revenue totaled $22.1 million in fiscal 2007.