Build NYC Resource Corp., New York Young Men's Christian Association of Greater New York; Non-Profit Organizations

S&P Global Ratings assigned its 'A-' rating to YMCA of Greater New York's (the Y) series 2018 taxable bonds. At the same time, S&P Global Ratings affirmed its 'A-' rating on Build NYC Resource Corp.'s revenue bonds, issued for the Y. The outlook is stable. The rating reflects our opinion of the Y's long history of strong relationships with communities in New York City (NYC). It also reflects our opinion of the Y's provision of programs and services in New York City, with numerous facilities, consistently positive operating results on a generally accepted accounting principles (GAAP) basis, diverse revenue base, and high-quality management team. These strengths are partially offset by the Y's increasing debt load, modest financial resources and endowment

...S&P Global Ratings assigned its 'A-' rating to YMCA of Greater New York's (the Y) series 2018 taxable bonds. At the same time, S&P Global Ratings affirmed its 'A-' rating on Build NYC Resource Corp.'s revenue bonds, issued for the Y. The outlook is stable. The rating reflects our opinion of the Y's long history of strong relationships with communities in New York City (NYC). It also reflects our opinion of the Y's provision of programs and services in New York City, with numerous facilities, consistently positive operating results on a generally accepted accounting principles (GAAP) basis, diverse revenue base, and high-quality management team. These strengths are partially offset by the Y's increasing debt load, modest financial resources and endowment for the rating category, and ongoing capital needs. We believe the additional debt and the organization's partnership approach to capital projects don't materially affect the rating, given some strengthening in balance sheet ratios during...

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