LOS ANGELES -- A San Diego local governments' note pool this week became the second deal to achieve the best rating possible from Standard & Poor's Corp. under a new rating technique that reduces the need for large letters of credit.

The agency assigned an SP-1-plus rating to a proposed $94.3 million tax and revenue anticipation note issue by the San Diego Area Local Governments. The pooled deal provides cash flow borrowings for 25 school districts, six fire districts, and two cities.

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