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

S&P Global Ratings raised its long-term rating to 'A+' from 'A' on Washington Health Care Facilities Authority's series 2017A-2017C revenue bonds, issued for Fred Hutchinson Cancer Research Center, and raised its long-term rating to 'A+' from 'A' on the authority's series 2011A, and 2015A revenue bonds, issued for Fred Hutch. We also raised our issuer credit rating (ICR) on Fred Hutch to 'A+' from 'A'. The outlook on all the ratings is positive. The 'A+' rating reflects our opinion that Fred Hutch's balance sheet will likely strengthen in fiscal 2018 due to the sale of its shares in Juno Therapeutics. The proceeds of approximately $400 million in the sale of its stock will double the cash and investments of Fred

...S&P Global Ratings raised its long-term rating to 'A+' from 'A' on Washington Health Care Facilities Authority's series 2017A-2017C revenue bonds, issued for Fred Hutchinson Cancer Research Center, and raised its long-term rating to 'A+' from 'A' on the authority's series 2011A, and 2015A revenue bonds, issued for Fred Hutch. We also raised our issuer credit rating (ICR) on Fred Hutch to 'A+' from 'A'. The outlook on all the ratings is positive. The 'A+' rating reflects our opinion that Fred Hutch's balance sheet will likely strengthen in fiscal 2018 due to the sale of its shares in Juno Therapeutics. The proceeds of approximately $400 million in the sale of its stock will double the cash and investments of Fred Hutch and significantly bolster the financial resources to levels more commensurate with the higher rating. The positive outlook reflects our expectation that Fred Hutch will significantly improve its financial resource ratios further over the next two years as well as continue...

Full Report