...Medians Indicate Operating Stability: Fitch Ratings' investment-grade (IG) median ratios (for audited fiscal 2014) for continuing care retirement communities (CCRCs) indicate further improvement in core operating performance, with most IG liquidity and capital ratios remaining stable. Within the `A' and `BBB' rating categories, median ratios stayed mostly unchanged, with median profitability ratios in the `A' rating category showing slightly better improvement relative to the `BBB' rating category medians. Growth in Capital Spending: Median capital spending across all rating categories showed a sharp increase in 2014 relative to 2013. As measured by the level of capital spending as a percentage of depreciation expense, the IG median rose to 106.6% in 2014 from 86.4% in 2013. The `A' rating category median increased to 124.7% from 107.9% in 2013, while the `BBB' rating category medians jumped to 106.2% from 79.7% in the prior period. Liquidity Metrics Remain Stable: Key liquidity metrics...
