Standard & Poor's Ratings Services has assigned its 'A' rating to Saranac Lake Central School District, N.Y.'s school district refunding bonds series 2004, reflecting the district's following characteristics: A substantial tax base, which has shown steady annual growth; A limited local economic base centered on tourism and related industry; Below-average resident income levels; Low debt levels; and A sound financial position. The series 2004 bonds are secured by the general obligations of the Saranac Lake Central School District. Additional security is provided by the New York State Aid Intercept Program as stated in Section 99-b of the State Finance Law. Saranac Lake Central School District serves a rural community of 11,300 residents and 1,680 students. The district is located in
