The rating on San Francisco Airport Commission, Calif.'s notes is affirmed. However, the issue is placed on CreditWatch with negative implications to reflect the placement of the LOC bank, Société Générale, on CreditWatch Negative. The initial LOC supporting the commercial paper issued severally amongst Bayerische Landesbank Girozentrale and Morgan Guaranty Trust Co. of New York has been replaced with a LOC provided by Société Générale. The new LOC covers $300 million in principal amount of notes and 273 days of interest calculated at 12%. The Société Générale LOC becomes effective on April 14, 1999 and has an initial stated expiration date of April 14, 2002.
