Standard & Poor's Ratings Services said it raised its long-term rating to A-plus from A on South Dakota Health & Education Facilities Authority's series 2012 and 2006 revenue bonds, issued for Westhills Village Retirement Community.
The outlook is stable.
Westhills is a predominately modified type A fee-for-service continuing-care retirement community (CCRC) in Rapid City, S.D.
"The higher rating reflects our view of Westhills' very strong enterprise profile, with continued robust occupancy trends and favorable demand and its healthy financial profile, highlighted by consistently profitable operating results and favorable balance sheet characteristics, including exceedingly high reserves and moderate leverage," said Standard & Poor's credit analyst Stephen Infranco.
