Fitch Affirms Masonicare Obligated Group at 'A-' with Stable Outlook

CEO Jon-Paul Venoit Highlights Continued Growth, Strategic Strength

Wallingford, CT — May 21, 2025 — Masonicare, Connecticut’s leading not-for-profit senior living and healthcare provider, announced today that Fitch Ratings has affirmed its Issuer Default Rating (IDR) at ‘A-’ with a Stable Outlook. Additionally, Fitch affirmed the approximately $102 million in revenue and revenue refunding bonds (Series 2016F) issued on Masonicare’s behalf by the State of Connecticut Health and Educational Facilities Authority at ‘A-’.

This rating reflects Masonicare’s strong revenue defensibility, consistently solid occupancy across all service lines, and an expanding geographic footprint across Connecticut. It also acknowledges the success of Masonicare’s revised business model, which has focused on reducing exposure to the volatility of poor government reimbursement, while enhancing operational efficiency and financial performance.

Jon-Paul Venoit, President and CEO of Masonicare, expressed his enthusiasm about the affirmation:

“We are incredibly proud to receive continued affirmation of our financial strength and strategic direction from Fitch Ratings. This rating underscores the hard work of our teams and our commitment to quality care, financial discipline, and sustainable growth.”

Fitch noted that Masonicare’s financial profile has improved steadily over the past five years, a trend that is expected to continue. The merger with United Methodist Homes, Inc. (UMH) earlier this year has further enhanced service demand and opened new market opportunities for Masonicare’s offerings.

“Our affiliation with UMH is already proving to be a powerful complement to our mission,” added Venoit. “By blending over two centuries of knowledge, and expertise, we are combining our strengths to expand our reach and reinforce our ability to serve more communities with a level of care and service that will redefine the residential senior living landscape.”

Fitch praised Masonicare’s diversified services, which include independent and assisted living communities, a skilled nursing facility, a geriatric psychiatric hospital, and a robust home health agency. In FY2024, Masonicare maintained occupancy rates of approximately 92% in independent living units, reflecting strong demand and effective management.

“We have positioned Masonicare for long-term stability,” Venoit concluded. “This rating reaffirms our strategy to stay focused on quality, innovation, and fiscal stewardship — all while staying true to our mission of caring for Connecticut’s older adults.”

About Masonicare
Masonicare is Connecticut's leading not-for-profit provider of senior living and healthcare services, offering a complete continuum of care tailored to meet the diverse needs of older adults. Services range from independent and assisted living and memory care to skilled nursing, rehabilitation, senior behavioral health, medical and non-medical home health care, hospice, and palliative care. Driven by a mission devoted to service excellence, Masonicare is committed to providing compassionate, personalized care that evolves with the needs of the seniors they serve.

Media Contact:

Ann Collette
Chief, Strategy, Masonicare
Email: acollette@masonicare.org
Phone: (203) 695-2799