Standard&Poor's Ratings Services has assigned its 'SP-1+' rating to the University of Pittsburgh, (UP or the university), Pa.'s series 2012 Pitt asset notes. The 'SP-1+' rating is based on UP's history of solid market access and overall credit quality. In addition, Standard&Poor's has affirmed its 'AA' and 'AA/A-1+' ratings on UP's existing debt. The 'AA' long-term rating reflects UP's unsecured general obligation (GO) pledge, supported, in our opinion, by the university's: Stable enrollment, solid student demand, and strong student quality, all of which is supported by a comprehensive array of graduate, professional, and general academic programs; Historically positive operating performance on a full accrual basis, with consistently positive growth in net tuition revenue; Solid financial resource
