CENTENNIAL (S&P Global Ratings) Oct. 7, 2021--S&P Global Ratings revised its outlook to stable from negative and affirmed its 'A+' issuer credit rating (ICR) on The Salvation Army USA Eastern Territory, N.Y. (TSA). At the same time, we affirmed our 'A-1' short-term rating on TSA's series 2007A and 2016A commercial paper (CP) program. "The outlook revision reflects our view of the TSA's recent balance-sheet ratios improvement in fiscal 2020, including a positive change in unrestricted net assets in fiscal 2020, compared with fiscal 2019," said S&P Global Ratings credit analyst Steven Sather. TSA is projecting a healthy increase in net assets for fiscal 2021, with an investment return of 24.8% realized on its investment portfolio fiscal year to date ending
