Rating Update: Moody's maintains A3 on San Francisco Airport Commission 1997 Special Facilities Lease Revenue Bonds (SFO FUEL COMPANY, LLC)
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1 Rating Update: Moody's maintains A3 on San Francisco Airport Commission 1997 Special Facilities Lease Revenue Bonds (SFO FUEL COMPANY, LLC) Global Credit Research - 28 Mar 2014 Approximately $82.6million of rated debt outstanding SFO FUEL COMPANY, LLC Airports CA Opinion NEW YORK, March 28, Moody's maintains the A3 ratings on the San Francisco Airport Commission 1997 Special Facilities Lease Revenue Bonds (SFO FUEL COMPANY, LLC) outstanding in the amount of $82.6 million. The outlook is stable. The bonds are supported by fuel flowage fees collected for the airport's fuel farm. SUMMARY RATING RATIONALE The rating is based on the strength of the structure supporting the bonds, the essential nature of the fuel system at a large, international airport, and the stable payment history. The outlook is stable. LEGAL SECURITY: The bonds are secured by a pledge of the trust estate, which is primarily facilities rent paid by member airlines as well as by the debt service reserve fund. The debt service reserve fund requirement is fulfilled by the surety policies from Ambac Assurance (ratings withdrawn) and FSA (Assured Guaranty Municpal Corp. rated A2 stable). The company collects user fees from all airlines and others using the facility to offset, on a break-even basis, its operating costs including facilities rent and additional and reimbursement rents. Charges are allocated 10% equally to all member airlines and 90% pro-rated based on gallons of fuel delivered to the member airlines. Member airlines receive lower rates than non-members for use of the fuel system, but are subject to the residual Interline Agreement which has a step-up provision that requires members to loan their share of the unpaid amount within 10 days if any member fails to pay its portion. INTEREST RATE DERIVATIVES: None STRENGTHS * Pledge of facilities rent from all member airlines with a step-up requirement for all members for any financial shortfalls * Monopoly provider of jet fuel at the airport for air carriers *History of limited expenditure growth and strong fee collection from non-members and airlines in bankruptcy keep costs low for member airlines CHALLENGES * Debt service reserve fund, a key structural component providing critical liquidity to manage disruptions in debt service payments, is funded through sureties * Sum sufficient rate covenant and limited requirements for issuing additional bonds provide weak legal protections to bondholders * Potential for additional costs from necessary system improvements, environmental remediation, or changes in environmental legislation that require system modifications Outlook
2 The stable outlook is based on Moody's expectation that member airlines will continue to provide full financial support for all costs related to the fuel system will pay any additional increases in costs, and that the airline membership will remain fairly stable. What could change the rating--up Improved financial position of member airlines or greater cash reserves could place positive pressure on the rating. What could change the rating--down Dramatic changes in environmental remediation costs or in capital costs in order to keep the system in compliance with tightening environmental legislation could have a negative effect on the ratings. In addition, events that reduce the strong market position of the airport relative to major nearby airports or significant reductions in the number of member airlines at each facility could negatively affect the rating. DETAILED CREDIT DISCUSSION: Key elements in the rating are the essentiality and quality of San Francisco International Airport (SFO). SFO maintains a dominant market position in the Bay Area, having gained from drawback at other regional airports as airlines have restructured their routes coming out of the recession and airline industry consolidation. However, SFO still faces some competition from San Jose (City of), CA Airport Enterprise (A2 stable) and Oakland International Airport (Port of Oakland, A2 stable). Still, SFO serves as the international airport gateway for Northern California. These facts are important in order to ensure the long term survival of the airport as a key elements of the US air transportation infrastructure and thus the continued demand for fueling services at the airport over the term of the debt. Fuel facility consortia have been operating for several decades now in the US and Canada with a good track record. These structures have demonstrated resilience through high industry volatility, airline bankruptcies, and numerous mergers. Moody's notes that the bond documents provide protections to keep the consortium intact in the event of system failure, system bankruptcy, or the sudden withdrawal of all or almost all member airlines. The contractual framework ensures that debt service payments will be protected against demand risk, unexpected events and especially airline credit risk with the following provisions:» The fuel companies have the exclusive right to lease, install, operate and maintain the aviation fueling system on the airport's lands for provision of jet fuel to air carriers; while airlines may tanker to minimize the use of the system if they choose, that risk is very limited due to the cost of tankering.» The clear and unequivocal contractual obligation of the company to provide for the payment of debt service requirements. Payment is not subject to any deductions for performance and availability and nor is it subject to demand risk.» The fuel company can adjust billing to the member airlines to recognize additional costs.» Member airlines must provide 2 months of net facilities payments upfront as collateral» Step-up obligation of non-defaulting airlines in ten days if a member airline defaults in its payment» Right to convert a defaulting member airline to non-contracting airline resulting in an immediate increase in the fueling cost for that airline.» Withdrawing airlines' undertaking to pay all obligations accrued up to withdrawal date.» Mechanism to have all fuel facilities obligations extinguished even in the case of all member airlines withdrawing from the consortium. Airline membership is also a key component to the credit strength. The SFO Fuel Co currently has 36 members, with generally no member accounting for more than 36% of the fuel gallonage. KEY CREDIT METRICS SFO International Airport Enplanements, CY2014: million
3 Enplanements, CY2014 vs CY2013, %: 1.2% Number of airlines using fuel farm: 36 Member rate per gallon: $0.021 Non-member rate per gallon: $0.06 CONTACT Kevin Kone Assistant Deputy Airport Director (650) The principal methodology used in this rating was Generic Project Finance Methodology published in December Please see the Credit Policy page on for a copy of this methodology. REGULATORY DISCLOSURES Please see Moody's Rating Symbols and Definitions on the Rating Process page on for further information on the meaning of each rating category and the definition of default and recovery. Please see Moody's Ratings Symbols and Definitions on the Rating Process page on for further information on the time horizon in which a credit rating action may be after a review or outlook action took place. Please see ratings tab on the issuer page on for the last rating action and the history of the rating. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website for further information. Please see the ratings disclosure page on for disclosures on significant Moody's shareholders and on certain relationships between Moody's, its shareholders and/or rated issuers. Please see for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating. Please see the ratings tab on the issuer/entity page on for additional regulatory disclosures for each credit rating. Analysts Earl Heffintrayer Lead Analyst Public Finance Group Moody's Investors Service Chee Mee Hu MANAGING_DIRECTOR Public Finance Group Moody's Investors Service Contacts Journalists: (212) Research Clients: (212) Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007
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