Retiree haven's bonds improve

VENICE — The bonds grade for Village On The Isle, a prominent continuing care retirement community in south Sarasota County, has improved, according to a new Fitch Ratings report.

Fitch upgraded the bonds to BBB+ from BBB. The agency cited Village On The Isle's strong operating performance, strong debt service, growing liquidity, and an occupancy rate above 90%.

The Village On The Isle, a nonprofit affiliated with the Evangelical Lutheran Church in America, has 210 independent living units, 90 assisted living units and 60 skilled nursing beds. The facility also recently acquired land next to the campus, where it says it will build seven independent living cottages. The operation had $18.5 million in revenues in fiscal year 2011, according to the Fitch report.