NEW YORK (Standard&Poor's) Sept. 25, 2003--Standard&Poor's Ratings Services raised its standard long-term rating and underlying rating (SPUR) on the University of Pittsburgh, Pa.'s long-term debt outstanding to 'AA' from 'AA-'. The outlook is stable. In conjunction with this rating action, Standard&Poor's affirmed its 'SP-1+' rating on the university's short-term debt outstanding. The 'A-1+' rating reflects liquidity support provided by external standby bond purchase agreements for $200 million. The university's long-term rating reflects its unsecured general obligation pledge. "The university's solid and improving demand for comprehensive academic programs, historically strong operating performance despite recent cuts in state support, solid endowment for a publicly supported university, and manageable debt load support the rating," said Standard&
