Standard&Poor's Ratings Services assigned its 'A-' rating, and stable outlook, to West Contra Costa Unified School District, Calif.'s series D election of 2002 GO capital appreciation bonds. The rating reflects the district's: Fiscal oversight by a state trustee and adequate financial performance and recovery from financial mismanagement in the early 1990s; Participation in the San Francisco Bay area economy; Steady property tax base growth; and Manageable, but growing, debt burden. These positive factors are offset by the district's: Ongoing capital needs with above-average carrying charges and slow amortization of debt outstanding; and Limited expenditure flexibility, which is somewhat constrained by union contracts that restrict further growth in the average class size at most grade levels, and lifetime health
