...This report discusses the financial factors and qualitative measures Fitch Ratings considers in rating a not-for-profit continuing care retirement community's (CCRC) creditworthiness. Not all rating factors outlined in this report may apply to an individual rating or rating action. Each specific rating action commentary or rating report will discuss those factors most relevant to the individual rating action. This report represents a sector-specific extension to Fitch's "Revenue-Supported Rating Criteria," dated June 2014, available on its website at www.fitchratings.com, and replaces, with no material changes, the prior criteria report dated July 2014....
