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

S&P Global Ratings 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 for the ICR is stable. The ICR does not refer to any debt instrument, and instead, reflects our view of TSA's overall long-term credit quality. The ICR continues to reflect our opinion of TSA's role as a leading human service provider with excellent brand-name recognition, a long and successful fundraising history and healthy financial resources inclusive of a large and well-managed investment portfolio-although much of the portfolio is restricted as to use. Offsetting factors include dependence upon fundraising to

...S&P Global Ratings 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 for the ICR is stable. The ICR does not refer to any debt instrument, and instead, reflects our view of TSA's overall long-term credit quality. The ICR continues to reflect our opinion of TSA's role as a leading human service provider with excellent brand-name recognition, a long and successful fundraising history and healthy financial resources inclusive of a large and well-managed investment portfolio-although much of the portfolio is restricted as to use. Offsetting factors include dependence upon fundraising to support the rating, risks associated with investment market volatility and a limited dependence on investment income and realized investment gains to produce a positive change in unrestricted net assets. In addition, in our view...

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