Standard&Poor's Ratings Services assigned its 'BBB' rating to Burton Elementary School District, Calif.'s 2004 certificates of participation, reflecting: The general creditworthiness of the district; and The district's covenant to budget and appropriate lease payments. The certificates are secured by the district's lease payments for the use of Oak Grove Elementary School. Through its lease agreement with Public Property Financing Corporation of California, a nonprofit public benefit corporation, the district has covenanted to budget and appropriate annual lease payments for the use of the elementary school. During the period that the certificates are outstanding, the district will retain title to the school and all structural additions and the Public Financing Corporation of California will have a leasehold estate. Proceeds
