YMCA of Greater New York GO Bond Rating Lowered Two Notches To 'BBB' From 'A-' On Operations Pressure, Projected Deficit

NEW YORK (S&P Global Ratings) Sept. 9, 2020--S&P Global Ratings lowered its long-term rating by two notches to 'BBB' from 'A-' on YMCA of Greater New York's (YMCA) and Build NYC Resource Corp.'s general obligation (GO) bonds, issued for the YMCA. The outlook is negative. "The downgrade reflects our opinion of the weakened available resources and pressured operations of YMCA, including a projected general operating deficit of $14 million in calendar year 2020," said S&P Global Ratings credit analyst Kevin Barry. As a direct result of the COVID-19 pandemic, YMCA has experienced revenue losses with the temporary closures of its gyms and community centers. The negative outlook reflects S&P Global Ratings' opinion of the uncertainty and risk surrounding COVID-19 for

...September 9, 2020 NEW YORK (S&P Global Ratings) Sept. 9, 2020--S&P Global Ratings lowered its long-term rating by two notches to '###' from 'A-' on YMCA of Greater New York's (YMCA) and Build NYC Resource Corp.'s general obligation (GO) bonds, issued for the YMCA. The outlook is negative. "The downgrade reflects our opinion of the weakened available resources and pressured operations of YMCA, including a projected general operating deficit of $14 million in calendar year 2020," said S&P Global Ratings credit analyst Kevin Barry. As a direct result of the COVID-19 pandemic, YMCA has experienced revenue losses with the temporary closures of its gyms and community centers. The negative outlook reflects S&P Global Ratings' opinion of the uncertainty and risk surrounding COVID-19 for YMCA, including its facilities, which are expected to operate at reduced capacity. On Aug. 17, 2020, New York State adjusted its guidelines for gyms and fitness centers to allow these facilities to reopen at 33%...

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