The long-term rating on the University of Pittsburgh (UP), Pa.'s bonds 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+' rating reflects the university's commitment and pledge to purchase bonds in the event of a failed remarketing. Liquidity is provided by unrestricted resources of $584 million and further supported by a $200 million Toronto Dominion line of credit. The series 2000A, B, and C, bonds, issued in variable-rate
