The 'A+' rating on the San Francisco Airport Commission, Calif.'s bonds reflects the airport's importance in the aviation system, a solid air trade area, and a strong management team anticipating current and very sizable future airport capital needs. Specific credit positives include: Fundamental service area strengths associated with the diversified Bay Area economy, employment, and population base with well-above-average wealth levels; A strong, high-yield origination and destination (O&D) market (77% of enplaned passengers) with some competition from other regional airports; A large, international hub designation with generally positive enplanement trends, spurred by increases in international traffic growth; and Successful completion of the new international terminal (IT) and other components of the Near Term Master Plan (NTMP). Offsetting credit risks include:
