Standard&Poor's Ratings Services assigned its 'A' rating, and stable outlook, to Vista Unified School District, Calif.'s series 2003B GO bonds. Standard&Poor's also affirmed its 'A-' Standard&Poor's underlying rating (SPUR), and stable outlook, on the district's certificates of participation outstanding. The rating reflects the district's: Growing local economy, with access to the broader San Diego and Orange MSAs; Expanding and diverse property tax base; Good financial performance with adequate unreserved fund balances; and Moderate debt burden, coupled with a well-managed, but large, capital improvement plan. Mitigating factors include the district's: Declining enrollment trends, and Dependence on state funding. The district's authority to levy unlimited ad valorem taxes secures the GO bonds. District lease payments for
