S&P Global Ratings assigned its 'A-1' short-term rating to San Francisco International Airport's series A-6, B-6, and C-6 subordinate commercial paper (CP) notes. The rating reflects the support Bank of America N.A. provides in the form of an irrevocable direct-pay letter of credit (LOC). The issuer can issue up to $75 million of series A-6, B-6, and C-6 CP notes with a maturity up to 270 days' interest, but no later than the related LOC's termination date. The aggregate amount of CP notes cannot exceed the LOC's stated amount. The LOC provides $75 million of principal coverage and up to 270 days' interest coverage at the maximum rate of 12%. When evaluating CP notes, we consider various risk factors. The
