Standard&Poor's Ratings Services affirmed its 'A' long-term and underlying (SPUR) ratings on Roseland School District, Calif.'s series 2003 and 2008 certificates of participation (COPs). The outlook is stable. The ratings reflect our view of the district's: Steadily increasing average daily attendance (ADA), the driver of the state funding formula; Very strong reserve levels, with an ending unreserved fund balance of 16.3% of expenditures at the end of fiscal 2010; and Good financial management policies. Offsetting these strengths, in part, is our view of the district's: Income levels that are below national levels on a per capita basis at 68%; and A declining assessed value (AV) trend of 6.4% to $648 million for fiscal 2011, coupled with what we
