The rating on San Francisco Airports Commission, Calif.'s bonds, issued for the San Francisco International Airport, reflects: * A large and ambitious debt-financed capital program, now totaling $2.8 billion, and ongoing capital needs resulting in a substantially more costly and highly leveraged facility; * High and growing concentration in United Airlines Inc. (55% in domestic markets, 40% in international markets, based on fiscal 1996 data); * Demonstrated and continued strong underpinnings and positive traffic trends, with enplaned passengers up 7.5% in fiscal 1996 to 18.7 million; and * Strong financial performance and debt service coverage. These bonds and all parity debt are governed by the 1991 resolution and secured by a lien on airport net revenues. Proceeds will be used
