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August 2, 2022

Fitch upgrades Masonicare’s debt-rating outlook to positive

Photo | Contributed A Masonicare home health nurse with a patient.

The Wall Street credit-rating agency Fitch has upgraded Wallingford-based Masonicare’s debt rating outlook from stable to positive, citing fiscal stability related to the nonprofit’s strategic realignment of services and improved operating margins.

The upgrade follows Masonicare’s “operational improvement in fiscal year 2020 and 2021 through strategic changes to its business model,” according to Fitch. During that time, the organization implemented strategic initiatives and improved efficiency, resulting in cost savings, the agency said.

In August 2019, Fitch downgraded Masonicare’s debt-rating from stable to negative, as the organization instituted a number of cost-cutting moves, including layoffs. 

Masonicare’s debt-rating returned to stable in August 2020.

The new ratings “reflect the strength of their revenue defensibility based on a diversified business model coupled with low debt burden,” according to Fitch.

Masonicare’s President and CEO Jon-Paul Venoit credited the improvement to the ongoing strategic adjustments to Masonicare’s diversified, statewide portfolio of services. 

“It is vital that all organizations remain nimble and flexible as they navigate the changing dynamics of the industry and economy,” Venoit said. “We are vigilant about our strategy and remain proactive in our approach, all for the benefit of the thousands of individuals we serve every day.”

Masonicare is Connecticut’s largest provider of nonprofit senior care, offering residential living, skilled nursing and rehabilitation, along with senior behavioral health, home health care, homemaker companion, and hospice and palliative services.

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