...October 31, 2023 CHICAGO (S&P Global Ratings) Oct. 31, 2023--S&P Global Ratings assigned its '##+' rating to the University of Pittsburgh of the Commonwealth System of Higher Education's (Pitt)'s approximately $190 million 2023 PANTHERS notes and $250 million series 2023A bonds. At the same time, S&P Global Ratings affirmed its '##+' rating and '##+/A-1+' rating on Pitt's debt outstanding. The outlook, where applicable, is stable. The university has total debt outstanding of approximately $1.8 billion, inclusive of all finance (capital and operating) leases. Pro forma for these issuances, total debt outstanding will equal about $2.0 billion. Pitt will use the proceeds of the 2023 PANTHERS to refinance the 2019 PANTHERS and the proceeds of the bonds will reimburse the university for previous capital expenditures. "The stable outlook reflects our belief that the university will sustain its strong demand characteristics, diversified revenues, and solid operations and financial resource ratios...
