Standard&Poor's Ratings Services assigned its 'AA/A-1+' rating to the University of Pittsburgh, Pa.'s. $255 million university capital project and refunding bonds, series 2007A and 2007B. Both series are variable-rate demand bonds. The 'A-1+' short-term rating reflects bank liquidity support from Fortis Bank SA/NV ('AA-/A-1+') and Banco Bilbao Vizcaya Argentaria SA ('AA-/A-1+'). In addition, Standard&Poor's affirmed its 'AA' long-term and underlying rating (SPUR) on the university's long-term debt, and its 'A-1+' rating on various outstanding variable-rate bonds, reflecting the presence of liquidity support provided by external SBPAs. The 'A-1+' rating is based on an SBPA secured with several obligations provided by Fortis Bank SA/NV and Banco Bilbao Vizcaya Argentaria SA. Both banks have short-term ratings of 'A-1+'.
