Standard&Poor's Ratings Services assigned its 'A-' rating, and stable outlook, to Johnson County Unified School District No. 231, Kan.'s series 2004-A GO school bonds. Standard&Poor's also affirmed its 'A-' Standard&Poor's underlying rating (SPUR) on the district's GO bonds outstanding. The ratings reflect the district's: Expanding local economy, which participates in the broad and diverse Kansas City MSA; Above-average wealth and income levels; and Adequate financial position given the state educational funding system. Offsetting factors include the district's: High debt burden with further enrollment-driven capital needs; and Moderately concentrated property tax base, with the two leading taxpayers accounting for nearly 14% of total assessed value (AV). The district's full faith and credit pledge secures the
