Fitch: Ratings Unaffected by Remarketing of San Francisco Airport Commission Bonds

NEW YORK--(Business Wire)--
Effective on June 3, 2009 the following Airport Commission, City and County of
San Francisco, CA San Francisco International Airport's (the airport) second
series variable-rate revenue refunding bonds will be remarketed:

--$100 million, Issue 36A;

--$40.6 million, Issue 36B;

--$36.1 million, Issue 36C;

--$89.9 million, Issue 37C.

Fitch Ratings affirmed its 'A' rating on the airport's $3.9 billion in
outstanding debt on May 21, 2009. The Rating Outlook is Positive. The bonds are
secured by a net revenue pledge of the airport. Final maturity is in 2032.

Airport management's plan of finance will be to remarket the existing
variable-rate demand bonds (VRDBs) for Issue 36 A, B, and C and Issue 37C the
week of June 1, 2009 and Issue 34 A and B for the week of June 22, 2009 in order
to complete conversions to Non-AMT (alternative minimum tax) Private Activity
Bonds from AMT. Airport management is pursuing this conversion for the sole
purpose of converting the Federal tax status of interest paid on the remarketed
bonds as allowed under the American Recovery and Reinvestment Act of 2009. The
final maturity, amortization, credit and liquidity facilities will all remain in
place for each of the conversions and this conversion alone will not result in
any change in the structured long and short-term ratings.

With this remarketing the bonds will receive new CUSIPs, which will be reflected
on Fitch's web site on June 3, 2009 as follows:

--$100 million, Issue 36A: 79765AU87 (original); 79765AX76 (remarketed);

--$40.6 million, Issue 36B: 79765AU95 (original); 79765AX84 (remarketed);

--$36.1 million, Issue 36C: 79765AV52 (original); 79765AX92 (remarketed);

--$89.9 million, Issue 37C: 79765AV45 (original); 79765AY26 (remarketed).

Fitch's rating definitions and the terms of use of such ratings are available on
the agency's public site, www.fitchratings.com. Published ratings, criteria and
methodologies are available from this site, at all times. Fitch's code of
conduct, confidentiality, conflicts of interest, affiliate firewall, compliance
and other relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

Fitch Ratings, New York
Jesse Ortega, 212-908-0235
Seth Lehman, 212-908-0755
or
Media Relations:
Cindy Stoller, 212-908-0526
Email: cindy.stoller@fitchratings.com

Copyright Business Wire 2009