Standard&Poor's Ratings Services revised its rating to 'AA' from 'AA/A-1' on the University of Pittsburgh, Pa.'s outstanding series 2002A bonds due to the conversion to fixed rate from variable rate. The series 2002A bonds were issued as variable-rate demand bonds with a standby bond purchase agreement from Dexia Credit Local. The university expects the bonds to convert to fixed rate on Jan. 27, 2009. The outlook is stable. In addition, Standard&Poor's affirmed all its ratings on University of Pittsburgh's outstanding debt. The 'AA' long-term rating reflects the university's: Solid and improving demand for a comprehensive array of professional and general academic programs; Historically positive operating performance on a full accrual basis; Demonstrated fundraising success; Solid financial
