S&P Global Ratings affirmed its 'AA+' rating and 'AA+/A-1+' rating on the University of Pittsburgh-Of the Commonwealth System of Higher Education's (Pitt)'s debt outstanding. The outlook, where applicable, is stable. The university has total debt outstanding of approximately $1.7 billion, inclusive of capital and operating leases; Pitt has a moderate amount of leases with a net present value of about $269 million. Debt is secured by a general obligation pledge. Pitt's debt portfolio, including bonds and notes, is 83% fixed rate and 17% variable rate, although all variable-rate debt is synthetically fixed with interest rate swaps. Management reports it has no definitive new debt plans for the next two years. The 'AA+/A-1+' rating on the variable-rate demand bonds (VRDBs) reflects
