NEW YORK (Standard&Poor's) July 20, 2011--Standard&Poor's Ratings Services has affirmed its 'A-1+' short-term rating on The Salvation Army USA Eastern Territory (TSA), N.Y.'s series 2007A and 2007B commercial paper (CP). The rating also incorporates an additional CP issuance, which brings the outstanding CP to the full program limit of $400 million. At the same time, Standard&Poor's affirmed its 'AA-' issuer credit rating (ICR) on the organization. The ICR does not refer to any debt instrument and reflects Standard&Poor's view of TSA's overall credit quality. "The ratings reflect our view of the organization's long record of success and name recognition, a strong and generally stable financial profile that has weakened a bit over
