Standard&Poor's Ratings Services revised its rating to 'AA/A-1+' from 'AA' on the University of Pittsburgh (UP), Pa.'s $40 million series 2005A and $15 million series 2002B university capital project and refunding bonds. The revised rating reflects the issuer's plans to convert the interest rate on the series 2002B and 2005A bonds from a term rate mode to a variable rate in a commercial paper (CP) mode. The outlook on the long-term component of the rating is positive. We expect the previously rated series 2002B and 2005A bonds, which were converted to term rate bonds in 2008, will be remarketed as variable-rate bonds in a CP mode with a conversion date of Sept. 16, 2013. The underlying security and
