Summary: Washington Health Care Facilities Authority, Washington Fred Hutchinson Cancer Research Center; Joint Criteria; Non-Profit Organizations Oct 09

Standard & Poors, October 2009

Abstract
Standard and Poor's Ratings Services assigned its 'A' long-term rating to Washington Health Care Facilities Authority, Wash.'s series 2009A revenue bonds, issued on behalf of the Fred Hutchinson Cancer Research Center (FHCRC). In addition, Standard & Poor's affirmed its 'A' issuer credit rating (ICR) on the FHCRC and its 'A' underlying rating (SPUR) on the center's outstanding debt. The rating on the series 2009A bonds reflects FHCRC's: General obligation; Strength as one of the few comprehensive cancer centers in the nation, with a history of strong grant support and solid success rate with the National Institutes of Health (NIH) and National Cancer Institute (NCI); Independence and flexibility as a freestanding research center without the risks of a clinical care component;...

Companies mentioned in this report are: Fred Hutchinson Cancer Research Ctr,Washington Hlth Care Fac Auth
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Fred Hutchinson Cancer Research Ctr,Washington Hlth Care Fac Auth

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