The rating on University of Pittsburgh's adjustable-rate revenue bonds series 2005 A-C has been affirmed based on the proposed substitution of the existing SBPA provided by National Australia Bank ('AA-/A-1+') with a SBPA provided by Depfa Bank plc ('AA-/A-1+'). The proposed substitution will not result in a withdrawal or suspension of the current 'AA/A-1+' rating on the issue. The SBPA that will be provided by Depfa Bank plc with an effective date of March 1, 2006, shall provide for principal of and interest on the bonds bearing interest only in the daily, weekly, and CP modes. The SBPA shall provide for a maximum of 35 days' interest at 12% annually. The proposed SBPA's expiration date is Feb. 27, 2009. The
