Standard&Poor's Ratings Services revised the outlook to negative from stable and affirmed the 'A' long-term rating on the Washington Health Care Facilities Authority's series 2009A and 2011A bonds, issued on behalf of the Fred Hutchinson Cancer Research Center (FHCRC). We also affirmed the issuer credit rating on the center at 'A'. The negative outlook reflects the center's heavy reliance on federal grants and contracts (68% of fiscal 2012 revenues) which were negatively affected by sequestration and are expected to be pressured going forward considering the federal funding environment. We expect this to result in negative operating results in fiscal 2013 (audited numbers were not available at the time of this report) and smaller margins going forward. In addition,
