The rating on Montgomery County Higher Education and Health Authority, Pa.'s bonds, issued for Foulkeways at Gwynedd, reflects the demonstrated ability of strong management to: Maintain a long history of good occupancy and continue to show evidence of strong demand despite a competitive market; Set rates below market averages, yet still maintain solid profitability; and Build a healthy liquidity base that mitigates potential risks associated with the organization's commitment to provide residential and healthcare services for the life for all of its residents. The liquidity also helps offset slim historical debt service coverage and risks associated with the large new project and the concomitant first major debt issuance since Foulkeways' founding. Foulkeways at Gwynedd is a Quaker-sponsored continuing care retirement
