Standard&Poor's has affirmed the 'A+' rating on Irvine, Calif.'s 1993 certificates of participation (COPs). The rating reflects: The city's strong general creditworthiness; and A covenant to budget and appropriate lease payments. The general creditworthiness of the city reflects: Participation in the strong and diverse Orange County MSA; Above-average wealth and income indicators, coupled with low unemployment rates; and Strong financial position, demonstrated by a large unrestricted general fund balance. These strengths are offset by a high overall debt burden on both a per capita and market value basis. The City of Irvine (population 164,923) is in southern Orange County, about 40 miles southeast of Los Angeles. Covering 48 square miles, it is one of the nation's largest planned
