NEW YORK (Standard&Poor's CreditWire) July 7, 1999--Standard&Poor's today assigned its triple-'B' underlying rating (SPUR) on District of Columbia's $20 million revenue bonds series 1999, issued for Gonzaga College High School. The bonds are scheduled to sell the week of July 12, 1999 with the backing of insurance from Financial Security Assurance, Inc. (FSA). The underlying rating reflects the school's strong academic reputation and increasingly competitive demand offset by a significant debt undertaking, a high pro forma annual debt service burden, and modest debt liquidity. Recently, Gonzaga's popularity has increased significantly as evidenced by: -- An expanded applicant pool and more selective admissions. Gonzaga accepts around 50% of candidates, down from 70% as recently as fall 1995;
