1. L. Burns, J. Cacciamani, J. Clement, and W. Aquino, “The Fall of the House of AHERF: The Allegheny Bankruptcy,” Health Affairs, January/February 2000.
2. “U.S. Toll Road Sector Medians for Fiscal Year 2010,” Moody’s Investors Service.
4. Saybrook Capital LLC proprietary database.
5. Edward Merrigan, “How to Analyze Startup Continuing Care Retirement Community Bonds,” in Sylvan Feldstein and Frank Fabozzi, The Handbook of Municipal Bonds, Chapter 56, John Wiley & Sons, 2008.
6. “Continuing Care Retirement Communities: Risk to Seniors,” U.S. Senate Special Committee on Aging Staff Investigation Summary, July 21, 2010.
7. “U.S. Not-for-Profit Senior Living Providers: Scanning the Horizon for Brighter Skies,” Standard & Poor’s, October 6, 2011. Also “Financial Ratios and Trend Analysis for CARF-CCAC Accredited Organizations,” published by CARF-CCAC. The report is a compilation of the key industry financial ratios followed by most professional analysts and gives you a good snapshot of recent trends within the CCRC arena. Two major rating services, S&P and Fitch, also publish annual reports covering only CCRC issues they have rated.
aJames Lyman contributed the section on corporate-backed municipal bonds, Keith Rochelli of Saybrook Capital LLC contributed the section on toll road bonds, and Ken Rogozinski and Patrick Flanagan wrote about housing bonds.