The rating on San Francisco Airports Commission, Calif.'s notes is based on an irrevocable LOC severally provided by Bayerische Landesbank Girozentrale (administrative agent) and Morgan Guaranty Trust Co. of New York. Note proceeds will finance a portion of the airport commission's $2.4 billion capital program. Chase Manhattan Bank, as issuing and paying agent, will draw on the LOC to pay principal and interest on the notes at maturity. The LOC expires April 30, 1999 or earlier, according to its terms. Commercial paper notes mature no more than 270 days from date of issue and by the 16th day prior to the LOC expiration date. Commercial paper notes cannot be issued by the issuing and paying agent if, after issuance, the
