Young Men's Christian Association Of Greater New York; Non-Profit Organizations

S&P Global Ratings assigned its 'BBB' rating to Young Men?s Christian Association (YMCA) of Greater New York's approximately $62.8 million taxable series 2021 general obligation (GO) bonds and affirmed its 'BBB' rating on YMCA's and Build NYC Resource Corp.'s existing GO debt, issued for YMCA. The outlook is negative. The negative outlook reflects S&P Global Ratings' opinion of the uncertainty and risk for YMCA, including its facilities, which continue to have reduced programming and operating capacity due to COVID-19. In addition, the negative outlook reflects our opinion of operating challenges for the organization, characterized by relatively high debt compared to available resources. YMCA's total pro forma debt is approximately $153.3 million, including about $4.9 million in finance leases. YMCA has

...S&P Global Ratings assigned its '###' rating to Young Men's Christian Association (YMCA) of Greater New York's approximately $62.8 million taxable series 2021 general obligation (GO) bonds and affirmed its '###' rating on YMCA's and Build NYC Resource Corp.'s existing GO debt, issued for YMCA. The outlook is negative. The negative outlook reflects S&P Global Ratings' opinion of the uncertainty and risk for YMCA, including its facilities, which continue to have reduced programming and operating capacity due to COVID-19. In addition, the negative outlook reflects our opinion of operating challenges for the organization, characterized by relatively high debt compared to available resources. YMCA's total pro forma debt is approximately $153.3 million, including about $4.9 million in finance leases. YMCA has only $1.7 million in operating leases. All bonds are an unsecured GO of the YMCA. Officials intend to use series 2021 bond proceeds for a taxable advance refunding of tax-exempt series 2015...

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