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Announcement:

Moody's reviews San Francisco Airport Commissions' LOC-backed revenue refunding bonds, Issue 36B and 36C; rating actions expected in connection with substitution of LOCs

Global Credit Research - 17 Apr 2014

$76.765M of debt to be affected. Ratings to be based on the joint support from the letter of credit provider and the San Francisco Airport Commission.

New York, April 17, 2014 -- Moody's Investor Service has, at the request of the San Francisco Airport Commission (the Commission), reviewed the documents submitted to us in connection with the issuance of substitute letters of credit in support of the San Francisco Airport Commission Second Series Variable Rate Revenue Refunding Bonds Issue 36B and 36C (collectively, the Bonds). The substitute letters of credit will be provided by the Bank of Tokyo-Mitsubishi UFJ, Ltd. (the Bank) and will replace the existing letters of credit provided by U.S. Bank National Association.

Moody's has evaluated the Bonds based on a joint default analysis (JDA) which reflects Moody's approach to rating jointly supported transactions. In these cases, Moody's has determined that there is a low level of default dependence and, as a result, the joint probability of default results in JDA ratings of Aa1 for both Issues of Bonds.

The JDA ratings will be based upon the long-term rating of the Bank, the underlying rating assigned to the Bonds, and the structure and legal protections of the transaction which provide for timely debt service payments to investors. Moody's assessment of the likelihood of timely payment of purchase price is reflected in the short-term ratings of the Bonds. The short term ratings are based on the short-term rating of the Bank.

The long-term and short-term senior-most unsecured ratings of the Bank are Aa3 and P-1, respectively. Moody's currently maintains an underlying rating of A1 on the Bonds.

Since a loss to investors would occur only if both the Bank providing the letters of credit and the Commission default in payment, Moody's has assigned ratings based upon the joint probability of default by both parties. In determining the joint probability of default, Moody's considers the level of default dependence between the Bank and the Commission.

Upon the effective date of the letters of credit, currently scheduled for April 25, 2014, Moody's expects to affirm the Aa1/VMIG 1 letter of credit-backed ratings on the Bonds.

Any change in the Bank's long-term or short-term rating, the underlying rating of the Bonds, or a change in default dependence, as determined by Moody's, would result in a reevaluation of the ratings on an applicable Series of Bonds.

Moody's will publish a more detailed rating update report upon the effective date of the letters of credit.

Ian Michael Rogow
Associate Analyst
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Joann Hempel
VP - Senior Credit Officer
Public Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's reviews San Francisco Airport Commissions' LOC-backed revenue refunding bonds, Issue 36B and 36C; rating actions expected in connection with substitution of LOCs
No Related Data.

 

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