Standard&Poor's Ratings Services assigned its 'AA' long-term rating and 'A-1+' short-term rating to the University of Pittsburgh, Pa.'s $150 million university capital project bonds, series 2005 A, B, and C. The outlook is stable. At the same time, Standard&Poor's affirmed its 'AA' standard long-term rating and 'AA' underlying rating (SPUR) on the university's outstanding parity debt. In addition, Standard&Poor's affirmed its 'A-1+' rating on the university's outstanding variable-rate debt, reflecting the liquidity support provided by external standby bond purchase agreements (SBPAs) with a stated commitment of roughly $420 million. The short-term rating on the series 2005 A, B, and C bonds is based on SBPAs provided by National Australia Bank Ltd. The long-term rating
