Standard&Poor's Ratings Services assigned its 'A' rating to the San Francisco Airport Commission, Calif.'s $470.2 million issue 33 series A-J variable-rate revenue refunding bonds, issued for the San Francisco International Airport (SFO), and affirmed its ratings on the airport's $4.1 billion in parity bonds. The rating reflects the strength of the air travel market in the San Francisco Bay Area, which is mitigated by market concentration in a financially weak air carrier and significant near- and long-term financial and operational pressures faced by the commission. More specifically, the ratings reflect the following credit strengths: A strong, high-yield origin and destination (O&D) market (73% of enplaned passengers), with some competition from other regional airports; Management's actions to cut costs
