Pasadena, Calif.-based Episcopal Communities & Services received an A-minus rating and stable outlook from Fitch Ratings ahead of plans to price $67.5 million in bonds on Nov. 26 via negotiation.

The bonds, expected to be issued as fixed rate, will refund all of ECS's outstanding bonds, according to the Fitch report.

The bonds are secured by a pledge of gross revenues, a mortgage on ECS facilities and a debt service reserve fund.

California Statewide Communities Development Authority is the conduit issuer for the bonds.

Ziegler is the underwriter.

Fitch cited a corporate restructuring in the stable outlook for ECS, which operates two continuing care retirement communities, the Canterbury in Rancho Palos Verdes, Calif., and Covington in Aliso Viejo.

Credit positives include occupancy levels above 90% and a favorable market position for its facilities located in coastal Los Angeles and Orange counties.

ECS also expects to start construction and secure permanent financing on a new Altadena, Calif. campus in July 2013. The debt would be non-recourse to ECS and supported by $30 million previously transferred to an affiliate by the company.

The non-obligated affiliates of ECS include the Sophie Miller Foundation, Community Housing Management Services, a manager of affordable housing properties, and the start-up CCRC, MonteCedro.

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