06 Jun Member Spotlight: Life Enriching Communities
Life Enriching Communities (LEC) is an Ohio-based not-for-profit senior living provider offering services in Cincinnati, Montgomery, Westlake, Reynoldsburg, New Albany, and Columbus.
LEC Receives 2023 Fitch Rating
LEC recently received a BBB- rating for the seventh year in a row from Fitch Ratings, a credit rating agency investors use as a guide for making investment decisions. The outlook assigned by Fitch is “Stable.” The Fitch rating specifically recognizes the financial strength of the obligated group which includes Twin Towers, founded in 1899 and one of the first senior living communities in Ohio, and Twin Lakes, opened in 2003.
“As Hamilton County’s only investment grade Non-profit Senior Living Organization, the Fitch affirmation reflects LEC’s consistent operating performance and strong financial foundation,” states LEC’s CFO, Kevin McDonnell. “More importantly, the rating serves as a reflection of the remarkable daily contributions of our associates and leadership as LEC continues to expand our mission of serving those in senior living throughout Ohio and beyond.”
The daily business of fulfilling LEC’s mission to help seniors age well requires significant funding to build, improve, and maintain beautiful campuses. It is essential to the organization to remain good stewards of our resources, while also providing the best level of service and care to assist our residents in preserving their savings and ensuring their funds last longer.
Common among organizations in the healthcare sector, LEC has experienced staffing challenges, the burden of Covid, and other rising operating expenses over the last three fiscal years. However, solid demand, improving operations, revenue growth, and a growing liquidity position has greatly helped LEC to meet and overcome these challenges.
Life Enriching Communities is a not-for-profit organization committed to the belief that everyone deserves the opportunity to live their best life as we set and surpass standards for quality and safety and deliver experiences that exceed expectations. We’ve made aging well a top priority for 124 years, with both residents and associates engaged in creating exceptional everyday experiences.
For more information about Life Enriching Communities, visit www.lec.org.