Fitch Moves Up Bond Rating For Kahala Nui
Kahala Nui’s bond rating recently was upgraded from stable to positive by Fitch Ratings.
The international credit rating agency stated that the new outlook “reflects improvement in cash flow, which has translated into liquidity growth and an increase in its revenue-only debt service coverage ratio.”
Also contributing to the BBB-credit rating on $71.3 million in series 2012 bonds was the facility’s steady 97 percent occupancy rate and solid waiting list of income-qualified applicants age 62 and older.
“The improved rating outlook is a reflection of the outstanding services provided by our staff,” added Kahala Nui CEO Pat Duarte. “They are responsible for our high level of resident satisfaction and our continued high occupancy. We look forward to more growth and further improvement in our long-term financial stability.”
Owned by the nonprofit Kahala Senior Living Community, Kahala Nui has an average wait list of 130 for its 270 independent living units, 63 assisting living units and 60 skilled nursing beds. It’s located at 4389 Malia St.