Standard and Poor's Ratings Services assigned its 'A' issuer credit rating to Fred Hutchinson Cancer Research Center (FHCRC). The rating reflects the center's: Strength as one of the few comprehensive cancer centers in the nation with a history of strong grant support and success rate with the National Institutes of Health (NIH) and National Cancer Institute (NCI); Independence and flexibility as a freestanding research center without the risks of a clinical care component; Operational surpluses, with a $6 million surplus for fiscal 2007; Flexible expense structure, with 84% of the budget comprising variable costs; and A moderate debt burden of 5.2%, with no additional debt plans. Offsetting factors include: Little endowment or fundraising history; Very low liquidity for the rating
