Fitch Downgrades $4.2 Billion of San Francisco Airport Bonds

Williams, Rochelle
May 2003
Bond Buyer;5/22/2003, Vol. 344 Issue 31641, p3
Trade Publication
Fitch Ratings Inc. degraded the rating for 4.2 billion dollar revenue bonds, which were sold by the San Francisco Airport Commission for San Francisco International Airport, from A-plus to A. Fitch Ratings Inc. cited a convergence of world events, including the bankruptcy of United Airlines and the outbreak of Severe Acute Respiratory Syndrome as reasons behind the degradation. Environmental studies for building two runways in the San Francisco Bay are about 80 percent complete, and airport officials will not ask the Board of Supervisors for additional funds until passenger traffic returns, according to airport spokeswoman Kandace Bender. A Bay Area Rapid Transit extension to the airport is slated to open in June after a six-month delay. Standard & Poor's Corp. has rated the airport A after downgrading it in 2002. Moody's Investors Service Inc. has assigned it an A1 rating.


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