Standard & Poor's revised its outlook to positive from stable and affirmed its AA long-term rating and AA/A-1-plus rating on University of Pittsburgh debt.

The rating agency also assigned its SP-1-plus rating to the university's $120 million Series 2013 Pitt asset notes. It cited the school's market access and overall credit quality.

"The positive outlook reflects our view of the university's fundamental institutional credit strengths, including a strong and proactive management team," said credit analyst Jessica Wood.

She also cited the completion of a capital facilities plan with limited additional debt planned.

The $120 million notes will be used to finance or reimburse the university for a variety of equipment and short-term assets at its various campuses. The school has an undergraduate enrollment of about 18,500.

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