Fitch rates San Francisco International Airport CP notes series D; confirms series A-C

The rating actions are taken in connection with amendment of terms relating to the CP notes and bank notes that allows for the creation of the series D and the amendment of the current letter of credit ('LOC') provided by State Street Bank and Trust Company that allows the LOC to provide full and sufficient coverage for principal and interest for the series A-D notes.

The State Street LOC covers the principal amount of CP notes, $200,000,000, plus 270 days of interest thereon, calculated at the rate of 12% based on a year of 365 days for the series A-D notes. The rating on the CP notes will expire on May 9, 2011, the expiration date of the substitute LOC, unless such date is extended; or upon any prior termination of the substitute LOC.

(c) Centre for Asia Pacific Aviation. Date posted: 11-Feb-10