Standard&Poor's Ratings Services assigned its 'A+' rating to Forest Grove School District No. 15, Ore.'s outstanding full faith and credit series 2010 bonds. The rating reflects our view of the district's: Diverse economic base with reasonable access to the Portland metropolitan statistical area (MSA); Healthy historical rise in market value and the benefit of growing assessed values (AV) in recent years; and Low net overall long-term debt levels. Tempering these credit strengths in our view is the district's good yet recently declining unreserved fund balance, which is at approximately 4.4% of general fund expenditures. The obligation to levy property taxes within constitutional and statutory limitations secures the full faith and credit obligation of the bonds. The district is
