Salvation Army USA East Territory, New York; CP; Non-Profit Organizations

S&P Global Ratings affirmed its 'AA-' issuer credit rating (ICR) on the Salvation Army USA East Territory, N.Y. (TSA). At the same time, we affirmed our 'A-1+' short-term rating on the TSA's series 2007A and 2016A commercial paper program (CP). The outlook is stable. The ICR does not refer to any debt instrument, and instead reflects our view of the TSA's overall long-term credit quality. The ratings reflect our opinion of the organization's long record of solid fundraising performance, brand recognition, and strong and generally stable financial resources that are 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

...S&P Global Ratings affirmed its '##-' issuer credit rating (ICR) on the Salvation Army USA East Territory, N.Y. (TSA). At the same time, we affirmed our 'A-1+' short-term rating on the TSA's series 2007A and 2016A commercial paper program (CP). The outlook is stable. The ICR does not refer to any debt instrument, and instead reflects our view of the TSA's overall long-term credit quality. The ratings reflect our opinion of the organization's long record of solid fundraising performance, brand recognition, and strong and generally stable financial resources that are 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 still adequate for the rating. The 'A-1+' CP rating reflects our view of the TSA's clearly identified resources and procedures to guarantee the full and timely purchase price of its $200...

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