Standard&Poor's Ratings Services assigned its 'AA+' issuer credit rating (ICR) to Oceanside, Calif. In addition, Standard&Poor's assigned its 'AA' long-term rating to the city's series 2015 taxable pension obligation refunding bonds and series 2015A lease revenue refunding bonds. The outlook is stable. The 'AA+' ICR reflects our view of the city's general creditworthiness and not our view of the legal structure or covenants of a particular debt instrument. The 'AA' long-term rating on the pension obligation bonds reflects our view of the city's absolute and unconditional obligation to make all debt payments when due, which we consider a non-ad valorem obligation. The 'AA' long-term rating on the lease revenue bonds, which we consider an appropriation obligation,
