The Standard&Poor's underlying rating (SPUR) on the University of Pittsburgh, Pa.'s outstanding revenue bonds is affirmed to reflect its GO pledge supported by: Its role as a premier state-related institution; Competitive admissions and good student quality; Consistently good operating performance and substantial endowment; and Manageable debt burden. Like other state-related institutions in Pennsylvania, the university receives substantial state support, and despite public funding, it has some private college characteristics. A majority of the board comprise nonpolitical appointments, and the school follows Financial Accounting Standards Board financial reporting. The university has relatively new leadership and recently filled several key vice chancellor positions. Enrollment is relatively stable at 32,393 students in fall 1998, with a full-time equivalent count of 28,107
