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Credit Summary

Northcrest, Inc. (IA)

EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

ESG Relevance


1			2			3			4			5

01Ratings

Rating	Action	Date	Type
BBB-	Upgrade	18-Oct-2024	Long Term Issuer Default Rating

Key Rating Factors
Revenue Defensibility	a
Operating Risk	bbb
Financial Profile	bbb

Ratings Key	Outlook	Watch
Positive
Negative
Evolving
Stable

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ��ֳ� Red

Rating History

Long Term Issuer Default Rating

Date :	18-Oct-2024	22-Aug-2024	26-Oct-2023	03-Nov-2022	15-Nov-2021
Rating :	BBB-	BB+	BB+	BB+	BB+
Action :	Upgrade	Under Criteria Observation	Affirmed	Affirmed	New Rating

02Rating Actions

Rating Action Commentary / Fri 18 Oct, 2024

��ֳ� Upgrades Northcrest, Inc. (IA) to 'BBB-'; Outlook Stable; Removed from UCO

Rating Action Commentary / Thu 22 Aug, 2024

��ֳ� Places 18 U.S. Life Plan Communities Under Criteria Observation

Rating Action Commentary / Thu 26 Oct, 2023

��ֳ� Revises Outlook of Northcrest, Inc. (IA) to Positive; Affirms 2018A Bonds and IDR at 'BB+'

Rating Action Commentary / Thu 03 Nov, 2022

��ֳ� Affirms Northcrest, Inc.'s (IA) 2018A Bonds and IDR at 'BB+'; Outlook Stable

Rating Action Commentary / Mon 15 Nov, 2021

��ֳ� Affirms Northcrest, Inc.'s (IA) IDR at 'BB+'; Outlook Stable

Rating Action Commentary / Fri 22 Nov, 2019

��ֳ� Affirms Northcrest, Inc.'s (IA) Rev Bonds at 'BB+'; Outlook Stable

Rating Action Commentary / Fri 16 Nov, 2018

��ֳ� Rates Northcrest, Inc.'s (IA) Ser 2018A & 2018B Rev Bonds 'BB+'; Outlook Stable

03Insights

Navigator Report / Wed 17 Nov, 2021

Northcrest, Inc. (IA) - ESG Navigator

04Securities and Obligations

Ratings

Security: Northcrest, Inc. (IA) / General Revenues
Issuer: Iowa Finance Authority (IA)
Bond: (Northcrest, Inc. Project) senior housing rev bonds ser 2018A
Series: 2018A

18-Oct-2024
BBB-
Upgrade
Long Term Rating

18-Oct-2024
BBB-
Upgrade
Unenhanced Long Term Rating

Rating History

Country: United States
Sectors: US Public Finance; Healthcare and Pharma
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

CUSIP: 46245FAW4 (Public)

Maturity Date: 01-Mar-2048
Currency: USD
Amount: 0
Placement: Public
Security LTR: BBB-

Security: Northcrest, Inc. (IA) / General Revenues
Issuer: Iowa Finance Authority (IA)
Bond: (Northcrest, Inc. Project) senior housing rev bonds ser 2018A
Series: 2018A

18-Oct-2024
BBB-
Upgrade
Long Term Rating

18-Oct-2024
BBB-
Upgrade
Unenhanced Long Term Rating

Rating History

Country: United States
Sectors: US Public Finance; Healthcare and Pharma
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

CUSIP: 46245FAV6 (Public)

Maturity Date: 01-Mar-2038
Currency: USD
Amount: 0
Placement: Public
Security LTR: BBB-

Security: Northcrest, Inc. (IA) / General Revenues
Issuer: Iowa Finance Authority (IA)
Bond: (Northcrest, Inc. Project) senior housing rev bonds ser 2018A
Series: 2018A

18-Oct-2024
BBB-
Upgrade
Long Term Rating

18-Oct-2024
BBB-
Upgrade
Unenhanced Long Term Rating

Rating History

Country: United States
Sectors: US Public Finance; Healthcare and Pharma
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

CUSIP: 46245FAS3 (Public)

Maturity Date: 01-Mar-2028
Currency: USD
Amount: 0
Placement: Public
Security LTR: BBB-

Security: Northcrest, Inc. (IA) / General Revenues
Issuer: Iowa Finance Authority (IA)
Bond: (Northcrest, Inc. Project) senior housing rev bonds ser 2018A
Series: 2018A

18-Oct-2024
BBB-
Upgrade
Long Term Rating

18-Oct-2024
BBB-
Upgrade
Unenhanced Long Term Rating

Rating History

Country: United States
Sectors: US Public Finance; Healthcare and Pharma
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

CUSIP: 46245FAT1 (Public)

Maturity Date: 01-Mar-2028
Currency: USD
Amount: 0
Placement: Public
Security LTR: BBB-

Security: Northcrest, Inc. (IA) / General Revenues
Issuer: Iowa Finance Authority (IA)
Bond: (Northcrest, Inc. Project) senior housing rev bonds ser 2018A
Series: 2018A

18-Oct-2024
BBB-
Upgrade
Long Term Rating

18-Oct-2024
BBB-
Upgrade
Unenhanced Long Term Rating

Rating History

Country: United States
Sectors: US Public Finance; Healthcare and Pharma
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

CUSIP: 46245FAU8 (Public)

Maturity Date: 01-Mar-2033
Currency: USD
Amount: 0
Placement: Public
Security LTR: BBB-

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05Disclosures

Endorsement Status
EU Endorsed, UK Endorsed

Country of ��ֳ� Office
United States

Solicitation Status
Long Term Rating	Solicited - Sell Side
Short Term Rating	Solicited - Sell Side
Enhanced Long Term Rating	Solicited - Sell Side
Enhanced Short Term Rating	Solicited - Sell Side
Unenhanced Long Term Rating	Solicited - Sell Side
Unenhanced Short Term Rating	Solicited - Sell Side

06Criteria

19Aug
2024

Expired Criteria

U.S. Public Finance Not-for-Profit Life Plan Community Rating Criteria – Effective August 19, 2024 to February 21, 2025

12Jan
2024

Expired Criteria

U.S. Public Sector, Revenue-Supported Entities Rating Criteria — Effective from January 12, 2024 to January 10, 2025

27Apr
2023

Expired Criteria

Public Sector, Revenue-Supported Entities Rating Criteria — Effective from April 27, 2023 to January 12, 2024

05Apr
2023

Expired Criteria

U.S. Public Finance Not-For-Profit Life Plan Community Rating Criteria - Effective from April 5, 2023 to August 19, 2024

05Apr
2022

Expired Criteria

U.S. Public Finance Not-For-Profit Life Plan Community Rating Criteria – Effective from April 5, 2022 to April 5, 2023

07Analysts

Hannah Whitten
Primary Rating Analyst

Rebecca Greive
Secondary Rating Analyst

Credit-Relevant ESG Scale

How relevant are E, S and G issues to the overall credit rating?

5		Highly relevant, a key rating driver that has a significant impact on the rating on an individual basis. Equivalent to "higher" relative importance within Navigator.
4		Relevant to rating, not a key rating driver but has an impact on the rating in combination with other factors. Equivalent to "moderate" relative importance within Navigator
3		Minimally relevant to rating, either very low impact or actively managed in a way that results in no impact on the entity rating. Equivalent to "lower" relative importance within Navigator.
2		Irrelevant to the entity rating but relevant to the sector.
1		Irrelevant to the entity rating and irrelevant to the sector

* ESG Relevance is applicable for international scale ratings only

Ratings Key	Outlook	Watch
Positive
Negative
Evolving
Stable

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ��ֳ� Red