Standard&Poor's Ratings Services affirmed its 'A-1+' short-term rating on Salvation Army USA Eastern Territory (TSA East), N.Y.'s series 2007A and 2007B commercial paper (CP). At the same time, Standard&Poor's affirmed its 'AA-' issuer credit rating (ICR) on the organization. The 'AA-' rating reflects our assessment of TSA East's: Historically solid financial performance; Good coverage of expected debt, with unrestricted resources as of Sept. 30, 2008, equal to 1.4x operating expenses and 2.7x authorized CP of $400 million; The organization's long-established status as a charity; Ongoing fundraising and governmental contract success enabled by TSA East's strong name recognition and historical association as a social service and disaster assistance provider; and Strong financial stewardship and demonstrated ability to
