Standard&Poor's Ratings Services affirmed its 'BBB+' rating on West Contra Costa Unified School District, Calif.'s certificates of participation, reflecting: California's statutory requirement to intercept state school fund apportionment amounts for payment to the trustee in the event the district defaults in any future payment of base rent; Strong coverage of debt service by state apportionment payments; Covenant to budget and appropriate lease payments; and General creditworthiness of the district. The certificates are secured by district lease payments for use of two highly essential high schools and other district property. Under an asset-transfer lease, the district has covenanted to budget and appropriate lease payments for use of two high schools and various administration facilities. Under Assembly Bill 536, in
