The 'BBB+' rating on Roseland School District, Calif.'s 2003 certificates of participation (COPs) reflects: The district's role as obligor and sublessee; The district's general creditworthiness; and A legal structure that includes a covenant to budget and appropriate lease payments. The 2003 COPs are secured by the school district's lease rental payments. Proceeds from the 2003 certificates will be used to finance the construction of a gym, cafeteria, community center, a district office at Roseland School, and a satellite campus--which includes portables at both the district's elementary schools. Under the installment-purchase structure, the city has leased its one of two elementary schools, Roseland School. Under the lease structure, the district covenants to budget and appropriate lease payments for the use of
