The rating on San Francisco Airports 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; and * Concentration in one large user, United Airlines Inc., which in 1996 accounted for 44% of total jet fuel consumption at the airport. These risks are offset by the following strengths: * Solid credit underpinnings associated with San Francisco International Airport (rated 'A+'), including an economically diverse and affluent service area with steady increases in enplaned passengers to 18.6 million in 1996; * Exclusive and monopolistic control by the company over the
