Standard&Poor's Ratings Services affirmed its 'A-1+' short-term rating on the Salvation Army USA East Territory, (TSA), N.Y.'s series 2007A commercial paper (CP) and affirmed its 'AA-' issuer credit rating (ICR) on the TSA. The outlook is stable. The ratings reflect our opinion of the organization's long record of successful operations with solid fundraising performance, name recognition, and strong and generally stable financial resources that is supported by a large investment portfolio. Offsetting factors include gradually increasing debt obligations, risks associated with investment market volatility and dependence on fundraising, which responds to investment market trends but is what we consider still fully adequate for the current rating. The ICR reflects our opinion of the TSA's: Sound financial profile and
