The vast majority of not-for-profit CCRC borrowers who finance their accommodations with tax-exempt municipal bonds pay their debt commitments as originally planned. Success — defined as a CCRC borrower paying its bond debt as it comes due — is the norm in this mostly non-rated sector. However, certain CCRCs have not paid their debts as planned. This Special Report updates last year’s annual report and describes the universe of CCRC-related municipal bond debt of borrowers who accessed the municipal bond market. We present our calculated default rates and discuss the historical outcomes and recoveries of defaulted CCRCs to measure and illustrate the financial impact on bondholders.