Standard&Poor's Ratings Services assigned its 'A' rating to Newark Unified School District, Calif.'s $49 million GO refunding bonds, series 2005, and affirmed its 'A' underlying rating (SPUR) on the outstanding parity debt, reflecting the district's: Participation in the San Francisco Bay Area's strong and diverse economy, coupled with above-average income and wealth indicators; A concentrated but rapidly growing tax base; Adequate financial performance with a history of fluctuating reserves; and Moderate debt as a percent of true value, with slow principal amortization. The bonds are secured by an unlimited ad valorem pledge. Proceeds from the series 2005 bond will be used solely for refunding purposes. The K-12 district, with an estimated population of 43,750, is located in the
