Summary: Fred Hutchinson Cancer Research Center, Washington; Non-Profit Organizations

S&P Global Ratings assigned its 'A+' long-term rating to Fred Hutchinson Cancer Research Center (Fred Hutch), Wash.'s $119.8 million series 2020 taxable bonds. At the same time, we affirmed our 'A+' long-term rating on Washington Health Care Facilities Authority's series 2011A, 2015, and 2017A-2017C revenue bonds, issued for Fred Hutch, in addition to our 'A+' issuer credit rating (ICR) on Fred Hutch. The outlook on all the ratings is negative. The negative outlook reflects the potential pressure on Fred Hutch's operations driven by current and forecasted economic conditions and a potential loss or delay in payments of various research grants. It also reflects our view that the potential declining investment performance and endowment market values along with weaker fundraising results,

...S&P Global Ratings assigned its 'A+' long-term rating to Fred Hutchinson Cancer Research Center (Fred Hutch), Wash.'s $119.8 million series 2020 taxable bonds. At the same time, we affirmed our 'A+' long-term rating on Washington Health Care Facilities Authority's series 2011A, 2015, and 2017A-2017C revenue bonds, issued for Fred Hutch, in addition to our 'A+' issuer credit rating (ICR) on Fred Hutch. The outlook on all the ratings is negative. The negative outlook reflects the potential pressure on Fred Hutch's operations driven by current and forecasted economic conditions and a potential loss or delay in payments of various research grants. It also reflects our view that the potential declining investment performance and endowment market values along with weaker fundraising results, driven by market volatility and unfavorable economic trends, could negatively affect the ratings, although management reports that to date, disruptions to research base activity have been minimal and market...

Summary