The ratings on University of Pittsburgh's adjustable-rate university capital project and refunding bonds series B of 2000 and series C of 2000 have been affirmed subsequent to the bank facility being extended to Aug. 29, 2008. The long-term components of the ratings on the bonds reflect the credit quality of the obligor, University of Pittsburgh. The short-term components of the ratings are based on Lloyds TSB Bank PLC. The stable outlook reflects the outlook of the obligor, University of Pittsburgh.