Standard&Poor's Ratings Services assigned its 'AAA/A-1+' rating and 'A' underlying rating (SPUR) to Washington Health Care Facilities Authority, Wash.'s series 2009B variable rate demand bonds (VRDBs), issued on behalf of Fred Hutchinson Cancer Research Center. The 'AAA' rating is based upon the joint criteria of the obligor (A/Stable) and the long-term rating of the bank providing the letter of credit (LOC), JPMorgan Chase Bank, NA, (AA-/A-1+) assuming low correlation. The timely payment of purchase price is reflected in the short-term rating of the bonds and is based solely on the LOC provided by JPMorgan Chase Bank, NA. The LOC provides for coverage for all principal and interest bond payments, including the purchase price of tendered bonds. The LOC
