S&P Global Ratings revised its outlook from negative to stable and affirmed its 'BBB' rating on Young Men?s Christian Association (YMCA) of Greater New York's outstanding general obligation bonds issued by Build NYC Resource Corp. on YMCA's behalf. The outlook revision reflects a stabilization to modestly improving demand at the Y; positive operating performance in fiscal 2021 and anticipated for fiscal 2022 (FYE is Dec. 31); adequate available resources; and our expectation that YMCA's bullet maturity in 2026 will be adequately addressed. As of fiscal 2021, YMCA's total debt was approximately $142.2 million, including about $3.7 million in operating and finance leases and excluding $10 million in a paycheck protection program (PPP) that was forgiven. All bonds are an unsecured
