Standard&Poor's Ratings Services affirmed its 'A' underlying rating (SPUR) on Vista Unified School District, Calif.'s GO debt, and its 'A-' SPUR on the district's certificates of participation (COPs). 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 limited capital needs. 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 the Lincoln Middle School facility, with a covenant to budget and appropriate annually, secure the certificates. The K-12 district,
