Standard&Poor's Ratings Services assigned its 'A+' rating to Stanislaus Union School District, Calif. general obligation bonds. The bonds are secured by ad valorem taxes on property within the district, which the district has the obligation to levy for the repayment of the bonds. The rating reflects our view of the district's: Moderately diversifying area economy with ties to retail, health care, government, food production, and agriculture; Adequate financial performance and position; and Moderate debt burden. In our opinion, these strengths are tempered by declines in both the district's average daily attendance (ADA) and the Modesto area's assessed value (AV). Proceeds will be used to update and upgrade the existing schools in the district. Stanislaus Union School District is
