The 'A' rating on Vista Unified School District, Calif.'s GO bonds reflects the district's: Growing local economy with access to the broader San Diego and Orange MSAs; Expanding and unconcentrated tax base; Good financial performance with ample unreserved fund balances; and Moderate debt burden coupled with a well-managed, but large, $250 million 12-year capital improvement plan (CIP). Mitigating factors includes possible reduction in future state revenues and capacity issues. The GO bonds are secured by the district's authority to levy unlimited ad valorem taxes. The K-12 district, with an estimated population of 204,000, encompasses 39 square miles in San Diego County and provides primary, secondary, and special educational services to residents of all or portions of Vista, Oceanside, San Marcos,
