S&P Global Ratings assigned its 'AA+' long-term rating to Encinitas Union School District, Calif.'s series 2017 (election of 2010) general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating on the district's existing GO bonds. The outlook is stable. The rating reflects our view of the district's: Access to San Diego's diverse, growing economy and employment base, coupled with very strong income and extremely strong wealth; Strong overall financial profile, supported by very strong fund reserves; and Significant revenue flexibility given its "basic aid" status, which provides revenue above the state per pupil funding formula and somewhat insulates the district from state funding fluctuations. Partially offsetting these factors, in our opinion is the slower
