CHICAGO: Fitch Ratings has assigned a ‘BBB’ rating to the following South Carolina Jobs-Economic Development Authority Economic Development Revenue bonds, issued on behalf of Park Pointe Village (PPV).
Since 2010 PPV has averaged a healthy 95% operating ratio and a net operating margin-adjusted (NOMA) above 30%, both favorable to Fitch’s ‘BBB’ category medians of 97.4% and 20.4%, respectively. Fitch believes PPV’s strong operating performance has been largely driven by its status as an affiliate of the ACTS organization (revs rated ‘A-‘/Outlook Stable), which provides significant operating, marketing, and strategic support via a management agreement…