Standard&Poor's Ratings Services affirmed its 'AA-' long-term rating and underlying rating (SPUR) to Newark Unified School District, Calif.'s existing general obligation (GO) bonds. The outlook is stable. The ratings reflect our view of the district's: Participation in the broad and diverse San Francisco metropolitan area, coupled with consistent assessed value (AV) growth; Extremely strong market value per capita and above average income indicators; and Good financial management policies and practices. Partially offsetting these strengths, in our view, are the district's: Recent general fund deficits, resulting in reduced available fund balances, despite the recent use of one-time monies to bring reserves back up to strong levels; and Consistently declining average daily attendance (ADA), which is the primary driver of
