Fred Hutchinson Cancer Research Center, WA Rating Raised To 'A+' On Expected Financial Improvements; Outlook Positive

CENTENNIAL (S&P Global Ratings) May 24, 2018--S&P Global Ratings raised its long-term rating to 'A+' from 'A' on Washington Health Care Facilities Authority's series 2017A-2017C revenue bonds, issued for Fred Hutchinson Cancer Research Center, and raised its long-term rating to 'A+' from 'A' on the authority's series 2011A, and 2015A revenue bonds, issued for Fred Hutch. We also raised our issuer credit rating (ICR) on Fred Hutch to 'A+' from 'A'. The outlook is positive. "The raised rating reflects our opinion that Fred Hutch's balance sheet will likely strengthen in fiscal 2018 due to the sale of its shares in Juno Therapeutics," said S&P Global Ratings credit analyst Sean Lacy. The proceeds of approximately $400 million in the sale of

...CENTENNIAL (S&P Global Ratings) May 24, 2018--S&P Global Ratings raised its long-term rating to 'A+' from 'A' on Washington Health Care Facilities Authority's series 2017A-2017C revenue bonds, issued for Fred Hutchinson Cancer Research Center, and raised its long-term rating to 'A+' from 'A' on the authority's series 2011A, and 2015A revenue bonds, issued for Fred Hutch. We also raised our issuer credit rating (ICR) on Fred Hutch to 'A+' from 'A'. The outlook is positive. "The raised rating reflects our opinion that Fred Hutch's balance sheet will likely strengthen in fiscal 2018 due to the sale of its shares in Juno Therapeutics," said S&P Global Ratings credit analyst Sean Lacy. The proceeds of approximately $400 million in the sale of its stock will double the cash and investments of Fred Hutch and significantly bolster the financial resources to levels more commensurate with the higher rating. "The positive outlook reflects our expectation that Fred Hutch will significantly improve...

Ratings Action