Fitch Upgrades Kendal at Lexington Rating to BBB

June 8, 2026

LEXINGTON, Va. — Fitch Ratings has upgraded Kendal at Lexington’s Issuer Default Rating to BBB from BBB-, citing the Life Plan Community’s financial performance, demand and independent living occupancy.

Fitch also upgraded to BBB the revenue bonds issued on behalf of Kendal at Lexington by the Industrial Development Authority of Lexington.

Kendal at Lexington said the upgrade reflects healthy community growth, investment returns and strong independent living occupancy. Fitch assigned a stable outlook.

Adam Day, CEO of Kendal at Lexington, said the upgrade reflects demand for the community’s residential options, including its free-standing cottage homes.

“This rating upgrade is a testament to the attractiveness of residential options we offer, such as many free-standing cottage homes, the resilience of our mission and the dedication of Kendal at Lexington’s team to steward the community’s resources wisely for the long-term benefit of residents,” Day said.

Amy Harrison, chief financial officer of The Kendal Corporation, said the rating reflects the organization’s broader financial position.

“At Kendal, financial strength has never been an end in itself; it is what allows us to show up fully for residents, families and the people who work alongside them every day,” Harrison said. “This recognition from Fitch tells us we’re on the right path.”

Kendal at Lexington is a nonprofit Life Plan Community on 84 acres in Virginia’s Shenandoah Valley. The community offers independent living, assisted living and long-term care services and is guided by Quaker principles.

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