Standard&Poor's Ratings Services affirmed its 'AA' rating on University of Pittsburgh (UP), Pa.'s. long-term debt and its 'SP-1+' rating on the Pitt Asset notes (PANTHERs). University of Pittsburgh's debt totals $785 million as of June 30, 2008. The 'AA' long-term rating reflects UP's unsecured general obligation (GO) pledge, supported by the university's: Solid and improving demand for a comprehensive array of professional and general academic programs; Historically positive operating performance on a full accrual basis; Demonstrated fundraising success; Solid financial cushion for a state-supported university, with 2008 expendable resources equal to 115.8% of operating expenses and 252.9% of debt, with overall resources supported by an impressive endowment of $2.2 billion (market value as of Sept. 30, 2008); and
