NEW YORK (Standard&Poor's CreditWire) July 20, 2000--Standard&Poor's today assigned its double-'A'-minus/'A-1'-plus ratings to University of Pittsburgh (UP), Pa.'s capital project and refunding bonds ($100 million series 2000A, $50 million series 2000B, and $50 million series 2000C). The long-term rating reflects: -- Strong liquidity levels, supported by years of solid operating surpluses, increasing state support, and a sizable endowment fund approaching $1 billion as of June 2000; -- Positive demand trends, evidenced by modest increases in university headcount, improved student quality, and increasing matriculation rates at both the undergraduate and graduate level; and -- Manageable leverage coupled with conservative future financing plans. The 'A-1'-plus rating reflects the university's commitment and pledge to purchase bonds in the event
