The Standard & Poor's underlying rating (SPUR) on Vista Unified School District, Calif.'s certificates of participation reflects: The district's good general creditworthiness, An asset-transfer lease structure that includes the district's covenant to budget and appropriate lease rental payments, and The strong essentiality of the leased asset. The rating also reflects some pressure on finances due to strong enrollment growth, offset by a stable local economy and continued strong financial operations. The certificates are secured by the district's lease rental payments. The district is leasing its Lincoln Middle School facility as collateral for the bonds. The district (population 204,000) consists of 39 square miles within San Diego County and provides primary, secondary, and special educational services to residents of all or
