Standard&Poor's has revised its rating outlook on the University of Pittsburgh's outstanding debt to positive from stable. Standard&Poor's has also assigned its 'AA-' rating to the university's revenue bonds, series 2002, and affirmed its 'SP-1+', 'AA-', and 'A-1+' ratings, as well as its 'AA-' Standard&Poor's underlying rating (SPUR), on the university's outstanding debt. The ratings reflect the university's unsecured GO pledge. General credit factors include solid demand for comprehensive academic programs; historically strong operating performance; increasing endowment, which provides a good level of liquidity for operating expenses and debt; and a manageable debt load. Proceeds will be used to finance capital projects on campus and to refund outstanding series 1992 revenue bonds. The bonds
