Standard&Poor's Ratings Services assigned its 'A+' rating to McKinleyville Union School District, Calif.'s series 2011B general obligation (GO) bonds. At the same time Standard&Poor's affirmed its 'A+' long-term and underlying rating on the district's outstanding series 2008A GO bonds. The outlook on all ratings is stable. The rating reflects our view of the district's: Strong available reserves equivalent to about 18% of operating expenditures in fiscal 2010; Stable and diverse tax base; and Low overall debt burden. In our opinion, the above strengths are partially offset by our view of the district's projected fund balance drawdown for fiscal 2011 and historically declining average daily attendance (ADA) -- the primary revenue driver under the state funding system
