...S&P Global Ratings lowered its short-term rating to 'A-1' from 'A-1+' on San Francisco City & County Airport Commission's series A-1 (AMT), B-1 (non-AMT/governmental purpose), and C-1 (taxable) subordinate commercial paper (CP) notes. The rating action reflects the April 30, 2024, substitution of the letter of credit (LOC) provided by Bank of America N.A. (A+/A-1) that supports the notes. At the same time, S&P Global Ratings affirmed its 'A-1' short-term rating on the airport's series A-3 (AMT), B-3 (non-AMT/governmental purpose), and C-3 (taxable) subordinate CP notes. The rating actions reflect the LOC replacements (effective April 30, 2024) that cover 270 days' interest accruals at a maximum rate of 12% for all series' note principal. We believe LOC coverage for all bonds is sufficient to pay respective interest and principal, even assuming maximum interest-rate accruals: + Series A-1, B-1, and C-1 notes: LOC is provided by Bank of America N.A. (replacing LOC from State Street Bank and...
