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

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. 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,

...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. 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% capacity, along with other safety protocols. YMCA has plans to open its facilities in phases, with nine of its 22 branches...

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