Standard&Poor's Ratings Services assigned its 'AA+' rating to Encinitas Union School District, Calif.'s series 2011A general obligation (GO) bonds. The rating reflects our view of the district's: Predominantly residential area and easy access to the broader San Diego region; Stable financial performance that is supported by its basic-aid status, revenues from its education foundation, and a special reserve fund; Extremely high income and wealth levels; and Low to moderate debt levels. Unlimited ad valorem taxes levied on taxable property within the district secure the GO bonds. The San Diego County Board of Supervisors has the power and obligation to levy these taxes at the district's request for the bonds' repayment. The county is required to deposit such taxes,
