From the RiverWoods Group CFO, Kevin Goyette:
On an annual basis, FitchRatings undertakes an analysis of RiverWoods Exeter to re-evaluate its rating of the community, and more specifically, its Series 2024 bonds. In October of 2025, FitchRatings reaffirmed RiverWoods Exeter’s “A-” Issuer Default Rating (IDR) rating and “A-” credit rating on the Series 2024 bonds. IDR is an assessment of an issuer’s ability to meet its financial obligations and avoid default.
Last year, Fitch revised its rating outlook from Stable to Negative due to the significance of the anticipated centralized health center and independent living unit expansion project.
This is very common in the industry, as major capital projects present risk to an organization in the short term. Fitch reaffirmed its negative outlook in this year’s rating, as the project continues to go through the approvals process. When the time comes to issue debt for the project, we could expect a slight ratings downgrade, though Fitch’s current expectation is that upon completion of both phases, the metrics would be consistent with the current “A-” rating. As a reminder, once major projects come to fruition, ratings are re-evaluated.
RiverWoods is extremely pleased with this outcome. An A- rating is no small accomplishment. Out of roughly 1,900 CCRCs nationwide, less than 2% have an A- or better rating. This rating provides RiverWoods Exeter with opportunities to realize the most favorable lending rates available in the market. An “A-” reinforces the strength of the organization and affirms that the pro forma financials of the health center and independent living unit expansion project are reasonable. Further, this rating will allow RiverWoods to seek the most favorable cost of capital when the organization is ready to finance the Centralized Health Center building project.