Standard&Poor's Ratings Services affirmed its 'AA' long-term rating on University of Pittsburgh's (UP) outstanding debt, 'SP-1+' rating on the outstanding Pitt asset notes (PANTHER) notes, 'A-1+' rating on the 2009 maturity of the series 2000A bonds, and 'A-1+' rating on various variable-rate demand bond (VRDB) issues backed by self-liquidity. The 'AA/A-1' and 'AA/A-1+' dual ratings were also affirmed. The outlook is stable. 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
