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

S&P Global Ratings placed its 'A+' long-term rating and issuer credit rating (ICR) on Washington Health Care Facilities Authority's series 2020, 2017A, and 2017C revenue bonds, issued for Fred Hutchinson Cancer Research Center (Fred Hutch), on CreditWatch with negative implications. The CreditWatch highlights our opinion regarding the potential direction of the long-term rating but does not mean a rating change is inevitable. It allows the S&P Global Ratings' analytical staff to assess the effect of the imminent merger. In our opinion, if there were a rating change it likely would not be more than one notch. The rating action reflects the proposed merger of the rated Fred Hutch into the unrated Seattle Cancer Care Alliance (SCCA) and subsequent anticipated name

...S&P Global Ratings placed its 'A+' long-term rating and issuer credit rating (ICR) on Washington Health Care Facilities Authority's series 2020, 2017A, and 2017C revenue bonds, issued for Fred Hutchinson Cancer Research Center (Fred Hutch), on CreditWatch with negative implications. The CreditWatch highlights our opinion regarding the potential direction of the long-term rating but does not mean a rating change is inevitable. It allows the S&P Global Ratings' analytical staff to assess the effect of the imminent merger. In our opinion, if there were a rating change it likely would not be more than one notch. The rating action reflects the proposed merger of the rated Fred Hutch into the unrated Seattle Cancer Care Alliance (SCCA) and subsequent anticipated name change of that organization to an entity to be known as the Fred Hutchinson Cancer Center (FHCC; a 501c(3) organization). The combined entity will have over $1 billion in long-term debt and projected positive operations but weaker...

Summary