Summary: University of Pittsburgh; Private Coll/Univ - General Obligation; Public Coll/Univ - Unlimited Student Fees

S&P Global Ratings assigned its 'AA+' rating to the University of Pittsburgh-Of the Commonwealth System of Higher Education's (Pitt) $185 million PANTHERS fixed rate notes (Pitt Asset Notes-Tax-Exempt Higher Education Registered Series 2021). At the same time, S&P Global Ratings affirmed its 'AA+' and 'AA+/A-1+' ratings on Pitt's existing debt. The outlook, where applicable, is stable. The 'AA+/A-1+' rating on the variable-rate demand bonds (VRDBs) reflects the university's provision of self-liquidity. In our opinion, Pitt has sufficient same-day cash and investments to provide adequate coverage of self-liquidity debt, which pro forma for this issuance will include only $46 million of VRDBs currently in a commercial paper (CP) mode. Post-issuance, the university anticipates total pro forma debt of approximately $1.5 billion,

...S&P Global Ratings assigned its '##+' rating to the University of Pittsburgh-Of the Commonwealth System of Higher Education's (Pitt) $185 million PANTHERS fixed rate notes (Pitt Asset Notes-Tax-Exempt Higher Education Registered Series 2021). At the same time, S&P Global Ratings affirmed its '##+' and '##+/A-1+' ratings on Pitt's existing debt. The outlook, where applicable, is stable. The '##+/A-1+' rating on the variable-rate demand bonds (VRDBs) reflects the university's provision of self-liquidity. In our opinion, Pitt has sufficient same-day cash and investments to provide adequate coverage of self-liquidity debt, which pro forma for this issuance will include only $46 million of VRDBs currently in a commercial paper (CP) mode. Post-issuance, the university anticipates total pro forma debt of approximately $1.5 billion, inclusive of capital leases. Pitt expects its pro forma debt portfolio, including bonds and notes, will be 84% fixed rate and 16% variable rate, although all variable-rate...

Summary