The rating on University of Pittsburgh (UP), Pa.'s notes reflects a broad GO pledge, supported by the university's long-term 'AA-' rating. Proceeds are expected to fund several small equipment expenditures and refund the outstanding series 1999 Pitt asset notes (unrated by Standard&Poor's). The series 2000 notes are scheduled to mature in 364 days; however, it is likely they will be refunded by a new note issue scheduled for 2001. Founded in 1787, UP is a nonsectarian, coeducational, research university, offering baccalaureate and graduate programs throughout western Pennsylvania. Headcount has been relatively stable over the past several years, increasing 0.8% to 32,544 (28,107 full-time equivalents) during fall 1999. UP's population comprises mainly full-time undergraduates (85%), with graduate and professional
