NEW YORK (Standard&Poor's) April 13, 2007--Standard&Poor's Ratings Services assigned its 'A-1+' short-term rating to The Salvation Army's (a New York corp.) $400 million series 2007A and 2007B CP. At the same time, Standard&Poor's assigned its 'AA-' issuer credit rating (ICR) on the organization, abbreviated as TSA East, reflecting the organization's long-established status as a charity; ongoing fundraising and governmental contract success enabled by TSA East's strong name recognition and historical association as a social service and disaster assistance provider; good financial stewardship and a demonstrated ability to adapt financially; historically solid financial performance; and good coverage of expected debt, with unrestricted resources covering the full amount of authorized CP by 2.49x. While contract and
