The `A+' ratings on San Francisco Airport Commission's issue 11 bonds reflects the following risks: * A large and ambitious debt-financed capital program totaling $2.4 billion which results in a substantially, more costly and highly leveraged facility, and * High and growing concentration in United Airlines Inc. in both domestic markets (with market shares totaling 55%) and international markets (with market shares totaling 40%), based on fiscal 1996 year-to-date data. Offsetting strengths include: * Demonstrated and continued positive traffic, which is currently projected to be up nearly 6% in fiscal 1996 to 18.4 million enplaned passengers, and * Strong financial performance and debt service coverage. These bonds and all parity debt are governed by the 1991 resolution and secured by
