Embattled by the Covid-19 pandemic, the senior living sector is now facing the challenges of diminished occupancy, the end of emergency government support measures, staff shortages, and rising costs. These challenges are similar to those I explored recently with respect to nursing homes.
A January report from Municipal Market Analytics (MMA) found that in 2021, first-time municipal bond defaults for borrowers associated with senior living hit a record high. These accounted for just over half of first-time municipal bond defaults overall.
Senior living entities frequently access financing through tax-exempt municipal bonds. In these transactions a municipal entity issues ...
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