The rating on West Contra Costa Unified School District, Calif.'s GO bonds reflects the following credit strengths: Continued stable financial performance and recovery from the district's financial mismanagement in the early 1990s, Sound reserve levels, and A low overall debt burden. The bonds are secured by unlimited ad valorem property taxes. Proceeds will refund various general obligation bonds of the district. Located 15 miles northeast of San Francisco, the district provides kindergarten through 12th grade educational services to the cities of El Cerrito, Hercules, Pinole, Richmond, San Pablo, and the unincorporated communities of El Sobrante and Kensington. Enrollment has remained stable over the past few years while the district maintains a moderate 28 to 1 pupil-teacher ratio. The district has
