S&P Global Ratings assigned its 'A-1' short-term rating to San Francisco International Airport's series A-3 (alternative-minimum tax (AMT)), B-3 (non-AMT, governmental-purpose), and C-3 (taxable) subordinate commercial paper (CP) notes. The rating reflects credit support in the form of an irrevocable direct-pay letter of credit (LOC) that Barclays Bank PLC provides for timely principal-and-interest payments on each series of matured notes. The issuer can issue up to $100 million of series A-3, B-3, and C-3 CP notes with a maturity up to 270 days' interest but no later than the related LOC's termination date. The aggregate amount of CP notes cannot exceed the LOC's stated amount. The LOC provides $100 million of principal coverage and up to 270 days' interest coverage
