San Francisco International Airport Revenues Rated by Fitch IBCA - Fitch IBCA

NEW YORK, April 27 /PRNewswire/ -- The Airport Commission of the City and County of San Francisco, CA's $250 million second series revenue bonds issued for San Francisco International Airport, consisting of $168.3 million Issue 23A (subject to the alternative minimum tax), and $81.7 million Iss...

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Bibliographic Details
Published inPR Newswire p. 1
Format Newsletter
LanguageEnglish
Published New York PR Newswire Association LLC 27.04.1999
Subjects
Airline security
Airlines
Airports
Alternative minimum tax
Costs
Debt service
Fiscal years
Growth rate
Luggage
Operating revenue
California
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Summary:NEW YORK, April 27 /PRNewswire/ -- The Airport Commission of the City and County of San Francisco, CA's $250 million second series revenue bonds issued for San Francisco International Airport, consisting of $168.3 million Issue 23A (subject to the alternative minimum tax), and $81.7 million Issue 23B (not subject to the alternative minimum tax), are rated 'AA-' by Fitch IBCA. The bonds are expected to be sold competitively on May 6. The commission's outstanding parity bonds totaling approximately $3.06 billion are affirmed at 'AA-'. The 'AA-' rating reflects San Francisco International Airport's (SFIA) strong domestic and international passenger base, as well as SFIA's healthy service area. Overall, total enplanements were almost 20 million in fiscal year 1998, reflecting 4.5% average annual growth between fiscal years 1993-1998. However, for the first seven months of fiscal year 1999, enplanements were down 2.7% in comparison to the same time period a year earlier. The slowdown in passenger traffic is attributed primarily to the economic downturn in Asia. The decreased Asian traffic is not expected to be a long-term credit concern, since it is tied to the economic recession that is projected to be relatively short term. Also, SFIA's other international traffic continues to experience growth, indicating the strength of SFIA's position in the international air travel market.