The 'A-' rating on West Contra Costa Unified School District, Calif.'s GO refunding bonds series 2003 A reflects the district's: Above-average income levels and steady tax base growth; Continued stable financial performance, and recovery from financial mismanagement in the early 1990s; and Manageable debt burden. The bonds are secured by unlimited ad valorem property taxes. The district, which encompasses more than 100 square miles, is located 15 miles northeast of San Francisco in western Contra Costa County. The district serves an estimated 184,000 residents in the cities of El Cerrito, Hercules, Pinole, Richmond, and San Pablo; the unincorporated communities of El Sobrante and Kensington; and certain other unincorporated areas. Income levels for the county are above average, with median household
