Standard&Poor's Ratings Services affirmed its 'A' long-term rating and underlying ratings (SPUR) on the Washington Health Care Facilities Authority's outstanding debt issued on behalf of the Fred Hutchinson Cancer Research Center (FHCRC). We also affirmed the 'A' issuer credit rating on the center. At the same time, Standard and Poor's affirmed the 'AAA/A-1' rating on the center's 2011B and 2011C bonds based on the application of joint criteria. The outlook on all bonds is stable. The 'A' rating reflects the center's consistently positive operating performance, strength in cancer research and successful research funding, and highly variable cost structure, which allows it to quickly adapt to operating pressures. This and no plans for additional debt offset its high levels
