Earlier this year, Standard&Poor's revised its rating outlook on the University of Pittsburgh's outstanding debt, to positive from stable. In conjunction with the short-term, 'SP-1+' rating assigned to this series of notes, Standard&Poor's is affirming the positive outlook as well. The university's long-term rating reflects its unsecured general obligation pledge, supported by solid demand for comprehensive academic programs; historically strong operating performance; increasing endowment, which provides a good level of liquidity for operating expenses and debt; and a manageable debt load. The notes are being issued to finance various equipment expenditures, capital projects, library acquisitions, and related costs, as well as to current-refund the outstanding PANTHERS, which are due to mature in March 2003. The notes
