The 'A-' rating on West Contra Costa Unified School District, Calif.'s GO bonds reflects the district's: Above-average income levels and steady tax base growth; Adequate financial performance and recovery from financial mismanagement in the early 1990s; Stable enrollment trends; and Manageable, but growing, debt burden. These strengths are offset by the district's: Additional capital needs, and Dependence on state funding. An unlimited ad valorem property tax secures the bonds. The more-than-100-square-mile district is 15 miles northeast of San Francisco, Calif. in western Contra Costa County. The district serves an estimated 184,000 residents in El Cerrito, Calif.; Hercules, Calif.; Pinole, Calif.; Richmond, Calif.; and San Pablo, Calif.; the unincorporated communities of El Sobrante and Kensington; and certain other unincorporated areas. The
