Standard&Poor's Ratings Services assigned its 'SP-1+' rating to $60 million of the University of Pittsburgh's PANTHERS notes. The notes are expected to price in the first week of November 2003. In addition, Standard&Poor's affirmed its 'SP-1+' rating on outstanding short-term debt- PANTHERS series 2002. The outlook is stable. The short-term rating is based on the university's history of strong market access and underlying credit strengths. In September 2003, Standard&Poor's raised its standard long-term rating and underlying rating (SPUR) on the University of Pittsburgh, Pa.'s long-term debt outstanding to 'AA' from 'AA-'. At that time, the 'A-1+' rating on outstanding variable-rate debt of the university was also affirmed, to reflect the presence of liquidity support
