S&P Global Ratings assigned its ?BBB? rating to Young Men?s Christian Association (YMCA) of Greater New York?s $31.1 million series 2025 taxable bonds. Our rating on the organization?s outstanding general obligation (GO) bonds is ?BBB?. The outlook is positive. The positive outlook reflects our view of YMCA?s growing membership and solid total cash and investment base, as well as its refinancing and repayment of a $60.6 million bullet, which will be partially refinanced by the series 2025 bonds and by approximately $30 million in debt defeasance funded from internal reserves. The series 2025 bonds are an unsecured general obligation of YMCA and are interest-only, with a bullet of $32.7 million in fiscal 2030. Given our belief in YMCA?s market access
