Fitch Rates San Francisco (CA) International Airport Sub CP Series A4-C4 'F1+'

NEW YORK--()--Fitch Ratings assigns a rating of 'F1+' to $100,000,000 Airport Commission City and County of San Francisco, San Francisco International Airport subordinate commercial paper (CP) notes - series A-4 (AMT), series B-4 (Non-AMT/Governmental Purpose), and series C-4 (Taxable) (notes).

KEY RATING DRIVERS:

The rating is based on the support provided by an irrevocable direct- pay letter of credit (LOC) issued by Wells Fargo Bank, National Association (Wells, rated 'AA-/F1+' with a Stable Outlook). The rating on the notes will expire on the earlier of June 17, 2016, the expiration date of the LOC, unless such date is extended, or upon any prior termination of the LOC.

Deutsche Bank National Trust Company, as the Issuing and Paying Agent (IPA) for the notes, is directed to request an advance under the LOC to pay principal and interest on maturing notes. Proceeds of the sale of rollover will be used to reimburse Wells for advances made. The LOC provides sufficient coverage for the aggregate $100,000,000 principal amount of the series A-4, B-4 and C-4 notes and interest coverage in an amount not to exceed $8,876,713.

All notes will be issued at par, with interest due at maturity. Following the occurrence of an event of default under the LOC, Wells may permanently reduce the stated amount of the LOC to the principal amount of notes outstanding plus interest to accrue thereon to maturity and issue a No-Issuance notice directing the IPA to immediately stop the issuance of any additional notes. Wells may also deliver a final drawing notice to the IPA instructing the IPA to draw for all notes outstanding plus interest due thereon.

In such event, the LOC will expire on the earlier of (i) fifteen days following the receipt by the IPA of the final drawing notice and (ii) the date on which the drawing resulting from the delivery of the final drawing notice is honored. The proceeds will then be held uninvested by the IPA until used to pay the principal of and interest to accrue on the notes presented at maturity. The commission has appointed J.P. Morgan Securities LLC, RBC Capital Markets Corporation and Barclays Capital Inc., each as non-exclusive dealer with respect to the offering and sale of the notes.

RATING SENSITIVITIES:

The rating is exclusively tied to the short-term rating that Fitch maintains on the bank providing the LOC and will reflect all changes to that rating.

Additional information is available at www.fitchratings.com.

Applicable Criteria and Related Research:

--'U.S. Municipal Structured Finance Criteria' (Feb. 27, 2013);

--'Rating Guidelines for Variable-Rate Demand Obligations and Commercial Paper Issued with External Liquidity Support' (Jan. 31, 2013).

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701570

Rating Guidelines for Variable-Rate Demand Obligations and Commercial Paper Issued with External Liquidity Support

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=699392

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=793702

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Contacts

Fitch Ratings
Primary Analyst
Linda Friedman, +1 212-908-0727
Senior Director
Fitch Ratings, Inc., One State Street Plaza, New York, NY 10004
or
Secondary Analyst
Mario Civico, +1 212-908-0796
Senior Director
or
Committee Chairperson
Trudy Zibit, +1 212-908-0689
Managing Director
or
Media Relations:
Elizabeth Fogerty, +1 212-908-0526
elizabeth.fogerty@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Linda Friedman, +1 212-908-0727
Senior Director
Fitch Ratings, Inc., One State Street Plaza, New York, NY 10004
or
Secondary Analyst
Mario Civico, +1 212-908-0796
Senior Director
or
Committee Chairperson
Trudy Zibit, +1 212-908-0689
Managing Director
or
Media Relations:
Elizabeth Fogerty, +1 212-908-0526
elizabeth.fogerty@fitchratings.com