SAN FRANCISCO (Standard&Poor's) Jan. 2, 2007--Standard&Poor's Ratings Services raised it rating to 'AA-' from 'A+' on Irvine, Calif.'s 1993 certificates of participation (COPs), based on continued solid tax base and revenue growth and the city's proven financial strength. The outlook is stable. "The city's tax base continues to grow, increasing at an annual average rate of 10.1% over the past five years," said Standard&Poor's credit analyst Lisa Schroeer. "In addition, the city's finances have been very strong. The unreserved fund balance has been above 70% of expenditures since 1997. Management indicated that there will be another surplus in 2006 due to higher than anticipated revenues," she added. The City of Irvine (population 180,803) is
