Fitch Ratings assigns a long-term underlying rating of 'A' to bank bonds corresponding to variable rate demand obligations (VRDOs) issued by the Airport Commission, City and County of San Francisco, CA, San Francisco International Airport (SFO or the airport), second series variable rate revenue refunding bonds issue 37A&B. Fitch also affirms its underlying 'A' rating on the airport's $3.9 billion in outstanding debt. The Rating Outlook is Positive. Although approximately 20% of the airport's $3.9 billion outstanding debt consists of VRDOs, and about $3 million is currently held as bank bonds, the airport's interest rate and term-out risk is relatively low given the airport's sufficient available resources to accommodate any increased principal and interest requirements in the near term. The cure period for all reimbursement...
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