The 'SP-1+' rating on West Contra Costa Unified School District, Calif.'s $25 million 2002 TRANs reflects: The underlying credit quality of the district ('A-' GO rating), Structural provisions that include early set-asides of pledged revenues in a segregated note repayment account, and Strong coverage of the TRAN repayment amount by projected net available general fund balances at each payment date and at maturity. The notes are secured by first unrestricted taxes and by other monies that are received for the general fund in fiscal 2002-2003. Note proceeds will fund seasonal cash deficits during fiscal 2002-2003 and will mature on Nov. 6, 2003. The note structure requires revenues to be segregated in a separate note repayment account. For note repayment, the
