Standard&Poor's Ratings Services assigned its 'A+' long-term rating to Roseland School District, Calif.'s series A general obligation (GO) bonds. At the same time, we affirmed our 'A' long-term rating and underlying rating (SPUR) on the district's certificates of participation (COPs) outstanding. 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; Strong reserve levels at the end of fiscal 2013; and Good financial management policies. Partially offsetting the above strengths, in our view, are the district's below-average income levels on a per capita basis and projected deficit spending in fiscal years 2013 through 2015. Revenue from unlimited ad valorem taxes levied on taxable
