The rating on San Francisco Airport Commission, Calif.'s issues 18A, 18B and 19 bonds reflects the following strengths: * Greater certainty associated with completion of Near Term Master Plan (NTMP) project budgets, * Demonstrated and expected solid economic underpinnings and positive traffic trends projected to slow somewhat in fiscal 1998 over 1997, and * Strong financial performance and debt service coverage. Offsetting credit risks include: * A large and ambitious debt-financed capital program totaling $2.8 billion that will result in higher costs and a substantially leveraged facility when combined with future anticipated projects; and * Continued market share growth of United Airlines Inc. and its code-sharing affiliates, which represented a concentrated 56% of total enplaned passengers in 1997. Issues 18A
