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

S&P Global Ratings lowered its issuer credit rating (ICR) to 'A' from 'A+' on Fred Hutchinson Cancer Research Center (Fred Hutch), now known as Fred Hutchinson Cancer Center (FHCC), and lowered its long-term rating to 'A' from 'A+' on Washington Health Care Facilities Authority's series 2020 revenue bonds, issued for Fred Hutch. At the same time, S&P Global Ratings removed the ratings from CreditWatch with negative implications, where they had been placed on March 30, 2022. The outlook is stable. At the institution's request, we will be withdrawing the series 2020 rating and ICR for Fred Hutch. The lowered rating and stable outlook reflect our view that the recent merger of Fred Hutch into the Seattle Cancer Center Alliance (SCCA; the

...S&P Global Ratings lowered its issuer credit rating (ICR) to 'A' from 'A+' on Fred Hutchinson Cancer Research Center (Fred Hutch), now known as Fred Hutchinson Cancer Center (FHCC), and lowered its long-term rating to 'A' from 'A+' on Washington Health Care Facilities Authority's series 2020 revenue bonds, issued for Fred Hutch. At the same time, S&P Global Ratings removed the ratings from CreditWatch with negative implications, where they had been placed on March 30, 2022. The outlook is stable. At the institution's request, we will be withdrawing the series 2020 rating and ICR for Fred Hutch. The lowered rating and stable outlook reflect our view that the recent merger of Fred Hutch into the Seattle Cancer Center Alliance (SCCA; the former SCCA was unrated by S&P Global Ratings) on April 1, 2022, to form FHCC and a related FHCC series 2022 debt issuance scheduled to close shortly results in a new organization whose initial balance sheet isn't as strong as Fred Hutch's on its own (i.e.,...

Summary