Press Release

Contact:
John Larson, Executive Administrator
Holladay Park Plaza
(503) 280-2454

Holladay Park Plaza in Portland, Oregon,
Receives Coveted ‘A’ Fitch Rating

This Continuing Care Retirement Community by Pacific Retirement Services is one of the few in the nation to be assigned this high Fitch Rating—and it is the second for PRS in the last year.

 

(Portland, Oregon) April 30, 2010 – Pacific Retirement Services, Inc. (PRS) (www.retirement.org), a national leader in senior living and healthcare, is pleased to announce that another of its affiliates, Holladay Park Plaza (www.retirement.org/hpp), has been assigned an 'A' Fitch Rating. Rogue Valley Manor by PRS in Medford, Oregon, received an ‘A’ Rating in July 2009.

Holladay Park Plaza received the rating for the following bonds issued on behalf of Holladay Park Plaza, Inc., and Holladay Park Plaza Resident’s Trust (HPP). Holladay Park Plaza’s Rating Outlook is Stable.

  • $15,495,000 Hospital Facilities Authority of Multnomah County, Oregon revenue and refunding bonds (Holladay Park Plaza Project), series 2003.
  • The series 2003 bonds were offered in a variable-rate mode and supported by an irrevocable direct pay letter of credit from Allied Irish Bank (rated ‘A-/F1’ by Fitch).

HPP Executive Administrator John Larson states, “The ‘A’ Rating is due to our strong financial profile, solid management practices, long operating history, and community presence since 1963. We’ve also had robust Independent Living Unit occupancy, which has remained at an average of 96% over the last five years. Our affiliation with PRS has been a major factor in this rating, especially since Fitch views PRS as a national leader and a positive credit factor.”

According to Fitch, an additional credit strength is “HPP’s leading position in Portland, as it provides a unique level of services when compared against the competition, all of which is evidenced by the strong demand for services.”

Holladay Park Plaza is an accredited, not-for-profit Continuing Care Retirement Community in the Lloyd District of Portland, Oregon. For more information, call 503-280-2216 or 1-800-777-5517 and visit www.retirement.org/hpp.

Pacific Retirement Services also owns Mirabella Portland, a new 30-story Continuing Care Retirement Community (CCRC) opening in late summer 2010 in South Waterfront. Another PRS CCRC, University Retirement Community in Davis, Calif., has revenue bonds rated ‘BBB+’ by Fitch. To learn more about PRS, call 1-888-724-6484 and visit www.retirement.org.

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