S&P Global Ratings assigned its 'A-1' rating to San Francisco International Airport's subordinate commercial paper (CP) notes series A-2, B-2, and C-2. The ratings on the series A-2, B-2, and C-2 CP notes reflect the support Sumitomo Mitsui Banking Corp. acting through its New York branch, provides in the form of irrevocable direct-pay letter of credit (LOC). When evaluating the CP notes, we consider various risk factors, as described below. The LOCs cover days' interest accruals at a maximum rate of 12% for series A entire note principal amounts. We believe LOC coverage is sufficient to pay interest and principal, even assuming maximum-interest-rate accruals. Transaction structures have the LOCs terminating before the CP. The issuing and paying agent is required
