S&P Global Ratings affirmed its ‘BBB’ rating on Young Men’s Christian Association (YMCA) of Greater New York ’s general obligation (GO) bonds outstanding. The outlook is positive. As of fiscal 2025, YMCA's total debt was approximately $110.1 million, composed of $103.8 million of bonds and $6.3 million in operating and finance leases. All bonds are an unsecured general obligation of the organization. We note the series 2025 bonds are interest-only, with a bullet of $31.0 million in fiscal 2030. Given our belief in YMCA’s market access and credible plan to address the 2030 bullet, we smooth maximum annual debt service (MADS) over 30 years, equivalent to MADS of $5.2 million and a MADS burden of about 3.0%. We believe the
