...S&P Global Ratings affirmed its '##' issuer credit rating (ICR) on AARP, D.C., and affirmed its '##' long-term rating and underlying rating (SPUR) on AARP's debt. The outlook is stable. In addition, S&P Global Ratings affirmed its '##+/A-1' dual rating on the organization's series 2001A taxable notes. The '##+' long-term component of the rating reflects the application of our joint criteria based on Bank of America N.A. (BOA) as the letter of credit provider and the '##' SPUR on AARP. The short-term component of the rating reflects the short-term rating on BOA. The outlook is stable. The '##' rating reflects our view of AARP's strong management team and prudent investment policies amid its operations as the nation's largest membership organization for individuals aged 50 and older. The rating further reflects our view of AARP's operating margins, which have remained positive, but continue to be compressed over time. While a higher rating is precluded by the organization's overall adequate...
