Summary: Build NYC Resource Corp. YMCA of Greater New York; Non-Profit Organizations

S&P Global Ratings has affirmed its 'A-' rating on Build NYC Resource Corp.'s revenue bonds, issued for the YMCA of Greater New York (the Y). The outlook is stable. The rating reflects our opinion of the Y's long history of providing programs and services in New York City, with numerous facilities, consistently positive operating results on a generally accepted accounting principles (GAAP) basis, diverse revenue base, and high-quality management team. These strengths are partially offset by the Y's modest financial resources and endowment for the rating category, and ongoing capital needs. The Y currently has many significant projects, but we believe the additional debt and the organization's partnership approach to capital projects don't materially affect the rating. However, the rating

...S&P Global Ratings has affirmed its 'A-' rating on Build NYC Resource Corp.'s revenue bonds, issued for the YMCA of Greater New York (the Y). The outlook is stable. The rating reflects our opinion of the Y's long history of providing programs and services in New York City, with numerous facilities, consistently positive operating results on a generally accepted accounting principles (GAAP) basis, diverse revenue base, and high-quality management team. These strengths are partially offset by the Y's modest financial resources and endowment for the rating category, and ongoing capital needs. The Y currently has many significant projects, but we believe the additional debt and the organization's partnership approach to capital projects don't materially affect the rating. However, the rating could be stressed if the Y issues additional debt beyond what is expected in the next two years. The rating further reflects our view of the Y's:...

Summary