Standard&Poor's Ratings Services affirmed its 'A-1+' short-term rating on the Salvation Army Eastern Territory, N.Y.'s commercial paper program, series 2007A and B, reflecting sufficient liquidity for an issuance of $400 million. At the same time, Standard&Poor's affirmed its 'AA-' issuer credit rating (ICR) on the organization, abbreviated as TSA East. The 'A-1+' ICR reflects TSA East's: Long-established status as a charity, Ongoing fundraising and governmental contract success enabled by its strong name recognition and historical association as a social service and disaster assistance provider, Good financial stewardship and demonstrated ability to adapt financially, and Historically solid financial performance. (For further information on TSA East's general credit characteristics, please refer to the most recent analysis on the
