Standard&Poor's Ratings Services assigned its 'AA-' rating to Newark Unified School District, Calif.'s general obligation (GO) refunding bonds, series 2012. At the same time, Standard&Poor's affirmed its 'AA-' long-term rating and underlying rating (SPUR) on the district's previously issued GO debt. The outlook on all ratings is stable. The ratings reflect our view of the district's: Access to employment opportunities in the nearby San Francisco metropolitan area, coupled with an extremely strong market value per capita; Very strong assigned and unassigned general fund balance; and Moderate debt burden, with no additional debt plans. Partially offsetting these strengths, in our view, are: Declines in the district's average daily attendance (ADA), which is the primary driver of operating
