Standard&Poor's Ratings Services raised its standard long-term rating and Standard&Poor's underlying rating (SPUR) on the University of Pittsburgh, Pa.'s long-term debt outstanding to '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 GO pledge and is supported by 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, which provides a good level of liquidity for operating expenses and debt; and
