Summary: Washington Health Care Facilities Authority Fred Hutchinson Cancer Research Center; Non-Profit Organizations

Standard&Poor's Ratings Services revised its outlook to stable from negative and affirmed its 'A' issuer credit rating on the Fred Hutchinson Cancer Research Center (Fred Hutch), Wash. In addition, Standard&Poor's assigned its 'A' long-term rating to Washington Health Care Facilities Authority's series 2015 revenue bonds, issued on behalf of Fred Hutch. At the same time, Standard&Poor's affirmed its 'A' long-term ratings on the authority's series 2009A and 2011A bonds, issued on behalf of Fred Hutch. The outlook revision and rating affirmation reflect our assessment that the contingent liquidity risk associated with the center's direct purchase debt is remote. They also reflect the increase in equity associated with the center's investment in Juno Therapeutics. The

...Standard & Poor's Ratings Services revised its outlook to stable from negative and affirmed its 'A' issuer credit rating on the Fred Hutchinson Cancer Research Center (Fred Hutch), Wash. In addition, Standard & Poor's assigned its 'A' long-term rating to Washington Health Care Facilities Authority's series 2015 revenue bonds, issued on behalf of Fred Hutch. At the same time, Standard & Poor's affirmed its 'A' long-term ratings on the authority's series 2009A and 2011A bonds, issued on behalf of Fred Hutch. The outlook revision and rating affirmation reflect our assessment that the contingent liquidity risk associated with the center's direct purchase debt is remote. They also reflect the increase in equity associated with the center's investment in Juno Therapeutics. The center has a high concentration in direct-placement debt ($174.2 million) compared with currently available levels of immediately available liquidity ($119.8 million) and weak levels of financial resources relative to operations...

Summary