Standard&Poor's Ratings Services assigned its 'AAA/A-1+' joint criteria rating to Washington Health Care Facilities Authority's series 2011B revenue bonds and its 'AAA/A-1' joint criteria rating to the authority's series 2011C revenue bonds, both of which were issued for Fred Hutchinson Cancer Research Center. The 'AAA' long-term component of our rating is based on the low correlation joint ratings of Fred Hutchinson Cancer Research Center and the irrevocable direct-pay letters of credit (LOCs) provided by JPMorgan Chase Bank N.A. (AA-/A-1+) and Bank of America N.A. (A+/Negative/A-1) and addresses the likelihood that bondholders will receive interest and principal payments when due if they don't exercise the put option. The 'A-1+' and 'A-1' short-term components of our rating are based on
