The rating on the San Francisco Airports Commission, Calif.'s issues 16A, 16B and 17 bonds reflects the following risks: * A large and ambitious debt-financed capital program totaling $2.8 billion, which will result in a higher-cost and substantially more leveraged facility when combined with future anticipated projects; and * Continued market share growth of United Airlines Inc. and its code-sharing affiliate, which represent a concentrated 63% of total enplaned in fiscal 1997. Offsetting strengths include: * Greater certainty associated with the completion of Near Term Master Plan (NTMP) project budgets, * Demonstrated and expected solid economic underpinnings and positive traffic trends with total enplaned passengers up 4.7% in fiscal 1997 to 19.5 million, and * Strong financial performance and debt
