The rating on University of Pittsburgh's capital project and refunding bonds series A of 2002 has been affirmed subsequent to the bank facility being extended to June 7, 2006. The long-term component of the rating is based on the credit quality of the obligor, University of Pittsburgh. The short-term component of the rating is based on the credit quality of Dexia Credit Local. The stable outlook reflects the outlook of the obligor, University of Pittsburgh.