Moody's assigns A1 to San Francisco Airport Commission, CA's Second Series Revenue Bonds, Series 2022A, B, C; outlook is stable

Moody's Ratings assigns A1 to San Francisco Airport Commission CA's Second Series Revenue Refunding Bonds, Series 2024ABC; stable outlook - Rating Action – 2024/04/19 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Moody's assigns A1 to San Francisco Airport Commission CA's Second Series Revenue Refunding Bonds, Series 2023C&D; stable outlook - Rating Action – 2023/10/13 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

San Francisco Airport Commission, CA: Update to credit analysis - Credit Opinion – 2023/01/27 – US$ 250.00 – ...San Francisco Airport Commission's (SFO's, A1 stable) credit profile reflects its leading market position for serving air travel in the San Francisco Bay Area, a large and affluent economic region that is also a major international gateway. The traffic recovery at SFO has improved over the last 12 months, although still trails the broader sector due to higher-than-average exposure to more affected international and business travel segments. The traffic recovery has bolstered the revenue base and enabled SFO to increase planned capital investment without materially weakening projected metrics. However, SFO has comparatively high leverage owing to recent significant investments in a range of facilities. While this has positioned the airport with modernized infrastructure, capital spending is expected to remain substantial and will be primarily debt financed, which will keep leverage elevated above pre-COVID levels. Ultimately, we expect airline costs and other credit metrics will remain comparable...

Moody's assigns A1 to San Francisco Airport Commission, CA's Second Series Revenue Refunding Bonds, Series 2023A, B, C, D; outlook is stable - Rating Action – 2023/01/12 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

San Francisco Airport Commission, CA: Update to credit analysis - Credit Opinion – 2022/02/02 – US$ 250.00 – ...San Francisco Airport Commission, CA (A1 stable) has taken active steps to preserve its credit quality amid the unprecedented downturn in passenger volumes caused by COVID-19. The airport materially reduced its capital plan, indefinitely postponing nearly $2.1 billion of projects; restructured debt and applied airport funds (i.e., COVID relief grants and PFCs) to temper airline costs; preserved liquidity, growing cash on hand and expanding the commercial paper program; and negotiated a two-year extension of its residual airline agreement, through fiscal 2023. These actions created flexibility to manage through a near- term period of depressed passenger activity, and will also allow airline CPE to be maintained in line with the pre-COVID forecast ¡ at or below $26 under the airport's "moderate recovery" passenger scenario ¡ despite a significantly lower passenger level. Liquidity remains modest in comparison to the sector and leverage is high given significant debt issuance for the Ascent...

Moody's assigns P-1 LOC-backed rating to San Francisco Airport Commission, CA Subordinate CP Notes Series A-3, Series B-3, Series C-3 - Rating Action – 2021/05/21 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

San Francisco Airport Commission, CA: Update to credit analysis - Credit Opinion – 2021/03/29 – US$ 250.00 – ...San Francisco Airport Commission, CA (A1 stable) has taken active steps to preserve its credit quality during the unprecedented downturn in air travel volumes caused by the COVID-19 outbreak. As a fully residual airport (i.e. full cost recovery from airlines), the commission's efforts to apply federal grant funds to operating expense, apply previously restricted passenger facility charge (PFC) balances to debt service and refund debt to lower debt service payments reduced the amount of cost increases required from airlines. Airlines responded by agreeing to extend the residual lease agreement by two years, through fiscal 2023. The commission also indefinitely postponed nearly $2.1 billion of capital projects, an important step given the airport's high leverage from the recent Ascent plan. Despite the sizable actions taken to date, the commission retains the ability to apply more PFCs and current interest rates provide additional refunding opportunities to mitigate continued slower than...

Moody's assigns A1 to San Francisco Airport Commission, CA's Second Series Revenue Refunding Bonds, Series 2021A, B, C; outlook is stable - Rating Action – 2021/03/22 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

San Francisco Airport Commission, CA: Update to credit analysis - Credit Opinion – 2020/07/29 – US$ 250.00 – ...San Francisco Airport Commission, CA (A1 stable) will see severe operational challenges over the next one to three years as demand for travel remains weakened and airlines restrain available seat capacity, but the credit profile is stable given the available liquidity and grant funds available to absorb the depth of the crisis. The use of restricted PFCs funds to pay debt service and the application of CARES act proceeds in fiscal 2021 will mitigate the significant reduction in non-airline revenue and require lower levels of cost recovery to airlines in the commission's projection cases, but we expect slower recovery that will require airlines to pay more than the airport currently projects. Though mitigating the increase is important given the current credit stress on airlines, we expect the costs will be recovered in the near term. The service area's size and wealth is attractive to airlines for recovery and we do not think airlines would attempt to give back space in the near-term which...

Moody's assigns A1 to San Francisco Airport Commission, CA Second Series Revenue Refunding Bonds, Series 2020A,B,C; outlook is stable - Rating Action – 2020/07/24 – US$ 180.00 – ...ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications....