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

S&P Global Ratings revised its outlook to stable from negative and 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 revision reflects our view that the TSA's recent balance-sheet improvement in fiscal 2020, including a positive change in unrestricted net assets (UNA) in fiscal 2020, compared with fiscal 2019, is likely to continue in the fiscal year just ended on September 30, 2021, and should be able to be sustained in fiscal 2022. TSA is projecting a healthy increase in net assets for fiscal 2021, with an investment return of 24.8%

...S&P Global Ratings revised its outlook to stable from negative and 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 revision reflects our view that the TSA's recent balance-sheet improvement in fiscal 2020, including a positive change in unrestricted net assets (UNA) in fiscal 2020, compared with fiscal 2019, is likely to continue in the fiscal year just ended on September 30, 2021, and should be able to be sustained in fiscal 2022. TSA is projecting a healthy increase in net assets for fiscal 2021, with an investment return of 24.8% realized on its investment portfolio fiscal year to date ending July 31, 2021, compared with the same period in the prior year. Finally, TSA's business operations have returned to a more normal mode in fiscal 2021 after being curtailed somewhat in fiscal 2020 due to the pandemic;...

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