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

S&P Global Ratings assigned its 'A' rating to Washington Health Care Facilities Authority's series 2017A-2017C revenue bonds, issued for Fred Hutchinson Cancer Research Center, and affirmed its 'A' rating on the authority's series 2009A, 2011A, and 2015A revenue bonds, issued for Fred Hutch. We also affirmed our 'A' issuer credit rating (ICR) on Fred Hutch. The outlook on all the ratings is positive. The positive outlook reflects our opinion of Fred Hutch's significant strengthening of its balance sheet in fiscal 2016 due to its investment in Juno Therapeutics and the subsequent liquidation of a portion of that stock, which has significantly bolstered cash and investments during the past two fiscal years. Fred Hutch now has good financial resource ratios for

...S&P Global Ratings assigned its 'A' rating to Washington Health Care Facilities Authority's series 2017A-2017C revenue bonds, issued for Fred Hutchinson Cancer Research Center, and affirmed its 'A' rating on the authority's series 2009A, 2011A, and 2015A revenue bonds, issued for Fred Hutch. We also affirmed our 'A' issuer credit rating (ICR) on Fred Hutch. The outlook on all the ratings is positive. The positive outlook reflects our opinion of Fred Hutch's significant strengthening of its balance sheet in fiscal 2016 due to its investment in Juno Therapeutics and the subsequent liquidation of a portion of that stock, which has significantly bolstered cash and investments during the past two fiscal years. Fred Hutch now has good financial resource ratios for the rating, and we believe these could continue to grow over the next fiscal year to levels we consider more consistent with a higher rating. In addition, management is underway with a large strategic initiative. Over the next four...

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