New York, June 29, 2016 -- Moody's Investors Service has downgraded to Aa2 from Aa1 the long-term ratings and affirmed the VMIG 1 short-term ratings of the letter of credit backed San Francisco International Airport Second Series Variable Rate Revenue Refunding Bonds, Series 2010 A-1, A-2 and A-3 (collectively, the Bonds). This rating action results from the substitution of the existing letter of credit provided by JPMorgan Chase Bank, N.A. with a letter of credit (the LOC) provided by Bank of America, N.A. (the Bank). The substitution is scheduled to take place on June 29, 2016.

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