Standard&Poor's Ratings Services raised its underlying rating (SPUR) two notches on Burton Elementary School District, Calif.'s certificates of participation (COPs) to 'A-' from 'BBB', based on the district maintaining a good financial position with strong unreserved fund balances, as well as growth and diversification of the tax base. The outlook is stable. At the same time, Standard&Poor's assigned its 'A-' long-term rating, and stable outlook, to the district's 2008 COPs. The long-term and SPUR ratings reflect the district's: General creditworthiness; and Covenant to budget and appropriate lease payments. The certificates are secured by the district's lease payments for the use of Burton Middle School. Through its lease agreement with the Local Facilities Finance Corp., a nonprofit
