Standard&Poor's Ratings Services assigned its 'A+' rating to McKinleyville Union School District, Calif.'s series 2008A general obligation bonds. The rating reflects our view of the district's: Consistently good financial performance, with reserves of 14%; Low overall debt burden; and Good income levels. In our opinion, tempering factors include the limited regional economy and steadily declining average daily attendance (ADA), which drives per-student funding. The bonds are secured by an unlimited ad valorem property tax pledge. Proceeds from the bonds will be used to renovate and modernize district facilities. The district serves residents of the unincorporated community of McKinleyville, which is located on the California coast about 80 miles south of the Oregon boarder and 275 miles north of
