SOLID OPERATING PROFILE: PRCN (doing business as Transforming Age Seattle OG) includes three senior living facilities located in the Seattle metropolitan area, which has strong service area characteristics and favorable demographic indicators.
Debt to net available measured 8.8x in fiscal 2017 and 8.2x for the first six months of fiscal 2018, weaker than the 6.0x figure PRCN posted in 2015.
CAPITAL PLANS: While PRCN has some debt capacity for revenue producing projects at the current rating level, Fitch will evaluate the OG's ILU expansion project and any potential debt issuance once plans are finalized.