The rating on San Francisco Airport Commission, Calif.'s 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 that slowed in fiscal 1998, 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; Uncertainties associated with the financial implications and funding sources for the expansion of airfield capacity; and Continued market share growth of United Airlines Inc. and its code-sharing affiliates, which represent a concentrated 59% of total enplaned passengers in 1998. Security
