Summary: Airport Commission of the City and County of San Francisco, California San Francisco International Airport; Joint Criteria May 11
- ID: 1753982
- May 2011
- Region: Global, California
- Standard & Poors
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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Standard & Poor's Ratings Services has assigned its 'AAA/A-1+' ratings to the Airport Commission of the City and County of San Francisco, Calif.'s variable-rate refunding bonds, series 36B, issued for San Francisco International Airport. We base the ratings on the application of low correlation joint-support criteria table, based on a letter of credit (LOC) from U.S. Bank N.A. (AA-/Stable/A-1+), the new LOC provider for the 36B bonds that take effect on the substitution date of May 4, 2011. The new LOC provides full principal coverage on the bonds (up to $40.6 million), and interest coverage in weekly mode at the maximum interest rate of 12%. The LOC is set to expire May 2, 2014, unless earlier terminated or delivery of...
Companies mentioned in this report are: San Francisco Intl Arpt,San Francisco City & Cnty Arpt Comm
Action: New Rating
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