University of Pittsburgh's 2017C Refunding Bonds Rated 'AA+/A-1+'

CHICAGO (S&P Global Ratings) April 24, 2017--S&P Global Ratings assigned its 'AA+/A-1+' rating to the University of Pittsburgh's (Pitt) $160 million series 2017C taxable refunding bonds. At the same time, we affirmed our 'AA+', 'AA+/A-1+', and 'SP-1+' ratings on Pitt's existing debt. The outlook, where applicable, is stable. "We assessed Pitt's enterprise profile as extremely strong, based on the comprehensive research-based university's strong demand and enrollment measures as well as its solid and stable senior management team. We assessed the university's financial profile as very strong, characterized by good revenue diversity, strong financial operating performance, and solid available resource ratios for the rating category," said S&P Global Ratings credit analyst Jessica Wood. When combined, the enterprise and financial profiles result

...CHICAGO (S&P Global Ratings) April 24, 2017--S&P Global Ratings assigned its '##+/A-1+' rating to the University of Pittsburgh's (Pitt) $160 million series 2017C taxable refunding bonds. At the same time, we affirmed our '##+', '##+/A-1+', and 'SP-1+' ratings on Pitt's existing debt. The outlook, where applicable, is stable. "We assessed Pitt's enterprise profile as extremely strong, based on the comprehensive research-based university's strong demand and enrollment measures as well as its solid and stable senior management team. We assessed the university's financial profile as very strong, characterized by good revenue diversity, strong financial operating performance, and solid available resource ratios for the rating category," said S&P Global Ratings credit analyst Jessica Wood. When combined, the enterprise and financial profiles result in a stand-alone credit profile of '##+' and a '##+' long-term rating. The '##+/A-1+' rating on the variable-rate demand bonds (VRDBs) reflects the...

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