Standard&Poor's Ratings Services assigned its 'AA' long-term rating to University of Pittsburgh (UP), Pa.'s series 2005A bonds due to the conversion of variable-rate demand bonds (VRDBs) supported by self-liquidity to fixed rate. The conversion date of the bonds was Aug. 4, 2009. The rating 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 operating expenses and 188.0% of current outstanding debt, with overall resources supported by an impressive
