New York, June 29, 2016 -- Moody's Investors Service has affirmed Aa1 and VMIG 1 ratings of the letter of credit backed San Francisco International Airport Second Series Variable Rate Revenue Refunding Bonds, Issue 36A (the Bonds) in connection with the substitution of the existing letter of credit from U.S. Bank N.A. with a letter of credit (LOC) provided by Wells Fargo Bank N.A. (the Bank). The substitution is scheduled to take place on June 29, 2016.

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