OREANDA-NEWS. S&P Global Ratings assigned its 'SP-1+' short-term rating to San Diego County & School Districts, Calif.'s tax and revenue anticipation note (TRANs) program note participations, series 2016.

The participating districts include the following:Alpine Union School District; Grossmont Union High School District; Jamul-Dulzura Union School District;La Mesa-Spring Valley School District;Mountain Empire Unified School District; andSan Dieguito Union High School District. Each series represents a proportionate and undivided interest in various individual 2016-2017 TRANs or notes issued by the county on behalf of all participants, and debt service payments on the TRANs to be made by the participants.

Each participating district within the series 2016 has been individually rated 'SP-1+' for the repayment of its portion of the TRANs.

"The series 2016 notes are severally secured by unrestricted available revenues, attributable to fiscal 2017, of six participating school districts within the county," said S&P Global Ratings credit analyst Michael Stock. No school district is obligated to pay more than the portion it borrows.