The rating on San Francisco Airport Commission, Calif.'s bonds reflects the following risks: A weak legal structure governing the fueling system operations whereby no excess cash coverage is either generated or required; The potential for future debt without meeting any type of additional bonds test; Volatility in fuel consumption, as evidenced by a decline from 860 million gallons in 1996 to 827 million in 1998, largely due to the downturn in the Asian economy, although consumption recovered to 914 million gallons in 1999; and Concentration in one large user (United Airlines), which accounted for 39% of total jet fuel consumption at the airport in 1999 and 51% of enplanements; Risks are offset by the following strengths: Solid credit underpinnings associated
