SAN FRANCISCO (Standard&Poor's) Dec. 12, 2008-- Standard&Poor's Ratings Services said today that its 'A+' long-term rating on the City of Oceanside, Calif.'s senior lien sewer system refunding certificates of participation (COPs) remains unchanged following the discovery of an additional expense in the 2008 audit that was not included in the unaudited actuals, resulting in slightly lower coverage on the senior lien to 1.2x from 1.24x and all-in coverage that fell below 1.0x. The city used cash to pay the remaining subordinate debt service. Standard&Poor's has not changed its rating on the senior lien certificates due to an already approved rate increase. City management has indicated that the rate increase will be 15% and should be sufficient
