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 negative. The ICR does not refer to any debt instrument, and instead, reflects our view of TSA's overall long-term credit quality. The ICR reflects our opinion of TSA's role as a leading human services provider that excels in meeting its mission even in times of national stress such as the present period; the COVID-19 pandemic has presented the organization with an unprecedented demand for its services, while it faces many obstacles in rendering those services.

...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 negative. The ICR does not refer to any debt instrument, and instead, reflects our view of TSA's overall long-term credit quality. The ICR reflects our opinion of TSA's role as a leading human services provider that excels in meeting its mission even in times of national stress such as the present period; the COVID-19 pandemic has presented the organization with an unprecedented demand for its services, while it faces many obstacles in rendering those services. The TSA's ability to do so reflects, in our view, its excellent brand-name recognition, lengthy fundraising history, and healthy financial resources, inclusive of a large and conservatively managed investment portfolio--much of the portfolio, however, is restricted...

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