Standard&Poor's Ratings Services raised its long-term and underlying rating (SPUR) to 'A' from 'A-' on Napa County Board of Education, Calif.'s series 2001 certificates of participation (COPs) based on the board's maintenance of strong reserve levels during the past five fiscal years. The outlook is stable. The rating reflects our view of the board's: Strong local economy anchored in the tourism and wine industry, coupled with strong income indicators; Continued maintenance of strong reserve levels; and Good financial management policies. Partly offsetting these foregoing strengths is our view of the shortfalls in state funding, which have prompted the board to reduce its operating expenditures to maintain healthy reserves. The board's boundaries are coterminous with Napa County, which is
