The rating on Oceanside, Calif.'s series 1994 certificates of participation (COPs) is affirmed and reflects: * The strong creditworthiness of the city and its proximity to the greater San Diego Area, * Satisfactory financial performance, and * ' A manageable debt burden. The COPs are secured by lease rental payments. The city also covenants to budget and appropriate payments. Oceanside (population 148,700) is located 30 miles north of San Diego. The Marine Corps base at Camp Pendelton is the dominant employer. Proximity to the San Diego Area, as well as lower housing costs has resulted in strong population growth in the city. Assessed valuation growth which reached double digits in the early 1990s is now more stable; the tax base
