Research Update: YMCA of the USA, IL 'A-' Issuer Credit Rating Affirmed

S&P Global Ratings affirmed its 'A-' issuer credit rating (ICR) on YMCA of the USA (Y-USA), Ill. The outlook is stable. An ICR reflects the obligor's general creditworthiness, focusing on its capacity and willingness to meet financial commitments in a timely manner. The rating is not specific to a given debt issue as it does not consider the security and other credit and legal characteristics for a given debt issue. As of Dec. 31, 2024, Y-USA had about $35 million in outstanding debt, including $20 million of leases and a term loan with Bank of America with $15 million outstanding issued in September 2024. The note has a covenant to maintain unrestricted cash and investments to debt of 1.0x, which

...The ratings appearing below the new issues represent an aggregation of debt issues (ASID) associated with related maturities. The maturities similarly reflect our opinion about the creditworthiness of the U.S. Public Finance obligor's legal pledge for payment of the financial obligation. Nevertheless, these maturities may have different credit ratings than the rating presented next to the ASID depending on whether or not additional legal pledge(s) support the specific maturity's payment obligation, such as credit enhancement, as a result of defeasance, or other factors....

Research Update