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28 Mar 2014
Approximately $82.6million of rated debt outstanding
New York, March 28, 2014 -- Moody's maintains the A3 ratings on the San Francisco Airport Commission
1997 Special Facilities Lease Revenue Bonds (SFO FUEL COMPANY, LLC)
outstanding in the amount of $82.6 million. The outlook
is stable. The bonds are supported by fuel flowage fees collected
for the airport's fuel farm.
SUMMARY RATING RATIONALE
The rating is based on the strength of the structure supporting the bonds,
the essential nature of the fuel system at a large, international
airport, and the stable payment history. The outlook is stable.
* Pledge of facilities rent from all member airlines with a step-up
requirement for all members for any financial shortfalls
* Monopoly provider of jet fuel at the airport for air carriers
*History of limited expenditure growth and strong fee collection from
non-members and airlines in bankruptcy keep costs low for member
* Debt service reserve fund, a key structural component providing
critical liquidity to manage disruptions in debt service payments,
is funded through sureties
* Sum sufficient rate covenant and limited requirements for issuing
additional bonds provide weak legal protections to bondholders
* Potential for additional costs from necessary system improvements,
environmental remediation, or changes in environmental legislation
that require system modifications
The stable outlook is based on Moody's expectation that member airlines
will continue to provide full financial support for all costs related
to the fuel system will pay any additional increases in costs, and
that the airline membership will remain fairly stable.
What could change the rating--UP
Improved financial position of member airlines or greater cash reserves
could place positive pressure on the rating.
What could change the rating--DOWN
Dramatic changes in environmental remediation costs or in capital costs
in order to keep the system in compliance with tightening environmental
legislation could have a negative effect on the ratings. In addition,
events that reduce the strong market position of the airport relative
to major nearby airports or significant reductions in the number of member
airlines at each facility could negatively affect the rating.
The principal methodology used in this rating was Generic Project Finance
Methodology published in December 2010. Please see the Credit Policy
page on www.moodys.com for a copy of this methodology.
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Process page on www.moodys.com for further information on
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issued the rating.
Asst Vice President - Analyst
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
Chee Mee Hu
MD - Project Finance
Public Finance Group
Moody's maintains A3 on San Francisco Airport Commission 1997 Special Facilities Lease Revenue Bonds (SFO FUEL COMPANY, LLC)
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
No Related Data.
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