Standard&Poor's Ratings Services revised its outlook to positive from stable and affirmed its 'AA' long-term rating and 'AA/A-1+' rating on the University of Pittsburgh, Penn.'s (UP or the university) existing debt. The positive outlook reflects our view of the university's fundamental institutional credit strengths, including a strong and pro-active management team, which has generated consistently solid financial operations on a full-accrual basis despite a constrained state funding environment and successful completion of a capital facilities plan with limited additional debt planned. Standard&Poor's also assigned its 'SP-1+' rating to UP's $120 million series 2013 Pitt asset notes. The 'SP-1+' rating is based on UP's history of solid market access and overall credit quality. The rating reflects our
