Standard&Poor's Ratings Services affirmed its 'A' underlying rating (SPUR) on Redlands, Calif.'s $4.510 million GO bonds and affirmed its 'A-' SPUR on the city's $16.620 million lease revenue certificates of participation (COPs). The 'A-' rating on the city's lease revenue COPs reflects: Redlands' covenant to budget and appropriate lease payments, Annual appropriation risk, and The general credit characteristics of Redlands. The 'A' GO rating is based on, and the general credit characteristics of Redlands, include: Continued strength in the local economic base, with property tax base growth averaging more than 9% annually during the past five years; Slightly above-average income indicators and low unemployment; and Strong financial performance, with unreserved fund balances of no less than 23% during
