...S&P Global Ratings revised its outlook to stable from positive and affirmed its 'A+' long-term rating on Washington Health Care Facilities Authority's series 2011A, 2015, and 2017A-2017C revenue bonds, issued for Fred Hutchinson Cancer Research Center (Fred Hutch), in addition to its 'A+' issuer credit rating (ICR) on Fred Hutch. The outlook revision reflects our expectation that, while Fred Hutch significantly bolstered its balance sheet and posted healthy operating results in fiscal 2018 with the sale of its shares in Juno Therapeutics, which support the current rating level, the financial resources ratios will likely moderate over the next two years due to an increased debt load driven by newly engaged lease obligations and the planned spending for strategic investments over the next few years. It also reflects our expectation that, due to a mismatch of timing between revenues already recognized and expenses yet to be incurred, we expect operating margins will normalize (excluding the...
