The ratings on University of Pittsburgh, Pa.'s bonds series A of 2002 and series B of 2002 have been affirmed subsequent to the bank facility being extended to June 8, 2005. The long-term components of the ratings are based on the credit quality of University of Pittsburgh, and the short-term component of the rating on the series A of 2002 bonds is based on the credit quality of Dexia Credit Local. Complete ratings information is available to subscribers of RatingsDirect, Standard&Poor's Web-based credit analysis system, at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard&Poor's public Web site at www.standardandpoors.com; under Credit Ratings in the left navigation bar, select Find a Rating,
