The rating on the University of Pittsburgh (UP), Pa.'s Pitt Asset Notes (Panthers) reflects a broad GO pledge, supported by the university's long-term, 'AA-' rating. Proceeds are expected to fund various equipment expenditures and library acquisitions, as well as refund the series 2000 Pitt Asset Notes--$33 million of which is currently outstanding. The series 2001A note issue will reach maturity in 364 days. Founded in 1787, UP is a nonsectarian, coeducational research university that offers baccalaureate and graduate programs throughout western Pennsylvania. Headcount has been relatively stable over the past several years, increasing 0.8%, to 28,773 full-time-equivalents (FTEs), during fall 2000. UP's population is comprised mainly of full-time undergraduates (21,666 FTEs), with graduate and professional students (7,107 FTEs) making up
