The Salvation Army USA Eastern Territory, New York; CP; Non-Profit Organizations

S&P Global Ratings affirmed its 'A+' issuer credit rating (ICR) on The Salvation Army USA Eastern Territory, N.Y. (TSA). At the same time, we affirmed our 'A-1' short-term rating on TSA's series 2007A and 2016A commercial paper (CP) program. The outlook for the ICR is stable. The ICR does not refer to any debt instrument, and instead, reflects our view of TSA's overall long-term credit quality. The ratings reflect our opinion of the organization's role as a leading human service provider with a long and successful fundraising history, excellent brand-name recognition, and adequate financial resources augmented by a large investment portfolio of which a significant amount is restricted for use. Offsetting factors include a decline in expendable resources and gradual

...S&P Global Ratings affirmed its 'A+' issuer credit rating (ICR) on The Salvation Army USA Eastern Territory, N.Y. (TSA). At the same time, we affirmed our 'A-1' short-term rating on TSA's series 2007A and 2016A commercial paper (CP) program. The outlook for the ICR is stable. The ICR does not refer to any debt instrument, and instead, reflects our view of TSA's overall long-term credit quality. The ratings reflect our opinion of the organization's role as a leading human service provider with a long and successful fundraising history, excellent brand-name recognition, and adequate financial resources augmented by a large investment portfolio of which a significant amount is restricted for use. Offsetting factors include a decline in expendable resources and gradual increase in debt over the past few years, the former due to a relatively recent large legal settlement and the latter related to its new markets tax credit financings. Other offsetting factors include risks associated with investment...

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