The Bond Buyer articles from July 2004

The Bond Buyer archives from July 2004

The Digest.
July 1, 2004... Municipal bonds followed Treasuries higher yesterday after the Federal Reserve raised its target overnight lending rate by 25 basis points and reiterated that it would continue to tighten its monetary policy at a "measured" pace. Complete...

SEC Issues New Muni Data: Few Dealers Trade Most; Spreads Vary.
July 1, 2004... A Securities and Exchange Commission report to be released today contains information that some commission officials and market participants find surprising: Only a handful of Wall Street firms do most of the dollar amount of customer trades in...

Long-Term Muni Volume Was $34.24B in June.
July 1, 2004... There were $34.24 billion in long-term municipal bonds sold in June, bringing issuance for the first half of 2004 up to $187.76 billion, which was down just 8.8% from 2003's record levels, according to preliminary Thomson Financial data. ...

Illinois Starts Bear Stearns Investigation: State Scrutinizing $10B Pension Deal.
July 1, 2004... Amid increasing questions over how Bear, Stearns & Co. conducts business in Illinois and a federal probe involving at least one of the company's hospital deals, the state has launched a probe into the firm's selection as book-runner for the...

News In Brief: FOMC Raises Funds Rate 25 Bps to 1.25%.
July 1, 2004... After more than a month of market anticipation, Federal Reserve Board policymakers raised the federal funds rate 25 basis points to 1.25% as expected and determined the upside and downside risks to the attainment of both sustainable growth and...

News In Brief: Chicago PMI Drops To 56.4 in June.
July 1, 2004... The Chicago Purchasing Manager's Business Barometer fell to 56.4 in June from 68.0 in May, the thirteenth straight month of expansion as defined by a reading above 50.0, the Purchasing Management Association of Chicago said yesterday. The...

News In Brief: NAPM-NY BCI Rises To 290.9 in June.
July 1, 2004... The New York business conditions index in the National Association of Purchasing Management-New York Report on Business posted a monthly gain in June, the tenth straight monthly rise in the index, and again a record high. The BCI grew to...

News In Brief: Chicago Fed Index Jumps to +0.91.
July 1, 2004... The Chicago Fed national activity index for May "moved sharply higher" to plus 0.91 from a downwardly revised plus 0.52 reading in April, originally reported as plus 0.64. Meanwhile, the three-month moving average, or CFNAI-MA3, rose to plus...

Wednesday's Market: Munis Follow Treasuries Higher; Fed Raises Rates 25 Basis Points.
July 1, 2004... Municipal bonds followed Treasuries higher yesterday after the Federal Reserve Board raised its target overnight lending rate by 25 basis points and reiterated that it would continue to tighten monetary policy at a "measured" pace. The...

Alabama Governor Picks New Finance Director.
July 1, 2004... Alabama Gov. Bob Riley on Tuesday appointed his friend of 30 years and senior counsel, Jim Main, to become the state's new finance director. As senior counsel, Main, 59, has lobbied for Riley's bills in the Legislature. He assisted...

Virginia Gov. Warner Quietly Signs Budget.
July 1, 2004... Without fanfare, Virginia Gov. Mark R. Warner signed into law the $60 billion fiscal 2005-06 biennial budget for the state that authorizes more than a $1 billion-plus in tax-exempt debt, a spokesman said yesterday. Warner signed the budget...

D.C. Area Airports See Boost in Passengers, Revenues.
July 1, 2004... A surge in passengers that used Ronald Reagan Washington National Airport during 2003 helped boost operating revenues of the Metropolitan Washington Airports Authority by $20.8 million over the 2002 reported level -- a 5.6% increase, according...

Internal Revenue Service Makes Several Appointments.
July 1, 2004... The Internal Revenue Service has appointed Sarah Hall Ingram as deputy commissioner of its tax-exempt and government entities division. In other changes, Preston Butcher was also named director of the government entities division, which...

Moody's: Multifamily Affordable Housing Stable, But Downgrades Likely.
July 1, 2004... Although the struggling multifamily affordable housing sector has been battered by low interest rates, weak employment growth, and overbuilding of rental properties, the outlook for the sector is "stable with some weaknesses," according to a...

Competitive Bond Offerings.
July 1, 2004... Letter F next to the issuer's name signifies the Official Notice of Sale is available on the internet! Go to www.bondbuyer.com ISSUER ST DESCRIPTION AMOUNT ($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING...

Competitive Note Offerings.
July 1, 2004... ISSUER ST DESCRIPTION AMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Thursday, July 1 Brevard Co...

Negotiated Note Offerings.
July 1, 2004... ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of June 28 Bay Co School Bd FL Certs of Part 11,345 A.G. Edwards --- Ambac --- --- --- Jun 25...

Results of Negotiated Sales.
July 1, 2004... ARIZONA Arizona Board of Regents Jun 29, 2004 $80,275,000 Certificates of Participation, Series 2004 (Arizona State Univeristy Research Infrastructure Projects) (2015-24 Priced to Par Call) (Ambac Insured) (book entry). Dated...

Results of Competitive Sales.
July 1, 2004... CALIFORNIA Oxnard School District Jun 30, 2004 $7,200,000 General Obligation Bonds Election 1997, Series G (FGIC insured) (book entry). Dated Jul 14, 2004. Due Aug 1, 2005 to 2033. Callable Aug 1, 2012 at 102.0%,...

Trends in the Region: Louisiana Positions Municipalities for Telecom Competition.
July 1, 2004... A recently passed bill in Louisiana would allow its local governments to sell bonds for telecommunications infrastructure and to compete with privately owned firms, some of which are less than happy about the prospect. Backers of the...

ALABAMA: Mission South America.
July 1, 2004... After meeting with Chilean ambassador Andres Bianchi yesterday, Gov. Bob Riley announced the "Export Alabama" initiative to help stimulate job creation by expanding trade opportunities for companies in the state. As part of that effort,...

FLORIDA: Share the Green?
July 1, 2004... Hollywood voters in a November will be asked again whether the community should use some of the 255 acres that currently support two city-owned golf courses to promote youth activities. City commissioners are considering a host of projects,...

FLORIDA: Pasco Housing Down.
July 1, 2004... Moody's Investors Service last week downgraded to Ba3 from Ba2 its rating on $1.56 million of outstanding Series 1979 mortgage revenue bonds, issued by Pasco County Federal Assisted Housing Inc. for Hudson Hills Manor. "The downgrade to...

GEORGIA: Delta Pilots' Plan.
July 1, 2004... Delta Air Lines pilots could submit a new contract proposal next week, a key step needed for the airline to curb costs and possibly avoid having to file for bankruptcy. Delta's pilots are among the highest paid in the industry. And in a...

LOUISIANA: Bossier Schools Up.
July 1, 2004... Standard & Poor's last week upgraded to A from A-minus the underlying rating it assigns the Bossier Parishwide School District, saying it has significantly improved its financial performance and general fund reserve levels. Analyst Wendy...

NORTH CAROLINA: Duke Health Stable.
July 1, 2004... Standard & Poor's has boosted to stable from negative its outlook on Duke University Health System, citing financial improvements. The agency last week also affirmed the AA, AA/A-1 plus, and AA/A-1 ratings it assigns about $433 million of...

Personnel: Go West, Slightly: Pittsburgh's PNC Capital Seeks Success in Ohio.
July 1, 2004... PNC Capital Markets hopes to find underwriting success in Ohio even as the Pittsburgh-based firm works to return to its former dominance as a top negotiated underwriter in Pennsylvania. To ramp up its expansion effort, the firm last year...

First Albany Brings In Kurland To Help With Its Growing Airport Interests.
July 1, 2004... Albany, N.Y.-based First Albany Inc. has hired Susan L. Kurland, a former official with the Federal Aviation Administration, in a push to attract more airport clients seeking financial advisory assistance. Kurland, 52 and a 15-year veteran...

The Trading Floor: Goldman Sachs Adds Bellis to Higher Ed.
July 1, 2004... Goldman, Sachs & Co. recently hired Richard Bellis as a vice president in its municipal finance higher education group. As the former director of capital planning at the University of Notre Dame in Ohio, Bellis has experience in debt...

The Trading Floor: Ramirez Hires Three Public Finance VPs.
July 1, 2004... Samuel A. Ramirez & Co. last month hired three vice presidents in public finance. Dominick Setari joined the investment bank's New York office from the LIATI Group, where he managed $2.5 billion in leveraged lease transactions as a vice...

Municipal Bond Activities.
July 1, 2004... August 2-4 The Council of Development Finance Agencies will hold a Tax-Exempt Bond Course at the Radisson Barcelo Hotel in Washington, D.C. The topic will be tax-exempt bonds for small and medium manufacturers and 501(c)(3) nonprofits for...

Kansas Educators File Papers With State Supreme Court on Finance Reform Case.
July 1, 2004... Kansas educators and parents who won a district court verdict in December that called the state's method of funding public schools unconstitutional, filed papers Tuesday with the state Supreme Court arguing lawmakers have failed to meet...

Colorado's Boulder County Uses Moral Pledge for Housing Deal.
July 1, 2004... The Boulder County, Colo., Housing Authority will go to market today with $10.3 million of rental housing revenue bonds -- a deal that won strong marks from Standard & Poor's after county officials tailored its structure to comply with new...

LONG-TERM BONDS: January-June.
July 1, 2004... 2004 2003 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $187,757,300 6,603 $205,854,400 7,748 -8.8 % January 21,340,700 837 27,103,200 973 -21.3 February 26,456,900 1,053...

NEW-ISSUE VOLUME NOTES.
July 1, 2004... The new-issue volume tables are based on information compiled by The Bond Buyer from Thomson Financial's data base on Wednesday, June 30, 2004. All figures are preliminary and subject to revision. Long-term bonds have final stated...

BOND SALES BY STATE: January-June.
July 1, 2004... 2004 2003 State Rank Volume Rank Volume Pct Chg Alabama 38 $860,300 24 $2,578,100 -66.6 % Alaska 46 442,600 43 685,300 -35.4 Arizona 12 4,642,700 15 3,691,100 +25.8 Arkansas 43 577,400 36 1,055,200 -45.3 ...

LONG-TERM BONDS: June.
July 1, 2004... 2004 2003 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $34,242,800 1,175 $48,321,000 1,623 -29.1 % Development 3,289,900 34 1,067,900 55 +208.1 Education 8,087,000 400 7,987,100 542 +1.3 ...

LARGEST ISSUES: June 2004.
July 1, 2004... Amount Issuer Date $2,974.6 California (State), economic recovery Jun 15 1,206.1 Puerto Rico Public Finance Corp. Jun 11 800.0 Illinois (State) Jun 23 791.1 Philadelphia School District, Pa., GOs (TAX/TE) (ref) Jun 16 ...

U.S. Securities Prices.
July 1, 2004... Prices as of 3 p.m. ET. Source: GovPx Inc. Treasury Bills Yesterday's Prev. Day's Yesterday's (in percent of discount) Bid/Offer Bid/Offer Bid Yield 1M -- 7/29/2004 1.145/140 1.075/060 1.162 3M -- 9/30/2004 1.310/290...

Short-Term Tax-Exempt Yields.
July 1, 2004... Jun 30, 2004 Jun 29, 2004 July 2, 2003 Selected MIG-1/SP-1+ Notes Los Angeles Co Trans 3s (June 05) 1.56 1.58 0.97 Texas Trans 2s (Aug 04) 1.14 1.10 0.87 Municipal Market Data Commercial Paper (30-Day) 1.10 1.10 0.90...

Municipal Market Data General Obligation Yields.
July 1, 2004... Aaa Aaa (pure) (ins) Aa A Baa 2005 1.58 1.64 1.63 1.73 2.08 2009 3.10 3.22 3.19 3.37 3.80 2014 3.95 4.07 4.05 4.28 4.66 2019 4.42 4.54 4.52 4.73 5.11 2024 4.81 4.91 4.90 5.05 5.38 2029 4.99 5.09 5.08 5.23 5.53...

Market Indicators.
July 1, 2004... Dollar amounts are in millions Day's 2004 2004 Daily Yesterday Change High Date Low Date Municipal Bond Index 107-07 +20/32 116-02 (3/11) 104-30 (5/13) 40 Average Dollar Price 97.47 +0.55 105.30 (3/11) 95.18 (5/13) ...

One-Year Note Index.
July 1, 2004... 2004 Jun 30 1.62% 23 1.60 16 1.61 9 1.59 2 1.58 May 26 1.57 19 1.59 12 1.48 5 1.33 Apr 28 1.27 21 1.21 14 1.17 7 1.12 Mar 31 1.04...

Municipal Bond Index Update.
July 1, 2004... The list of bonds used to calculate the Municipal Bond Index was revised after the June 30 pricing. The new coefficient is 1.0199. It was derived by dividing the June 30 index (107.209686) by the average converted price of the new set of...

Reoffering Yields.
July 1, 2004... NRO - Not Reoffered; S.B. - Sealed Bid; SNA - Sold, Not Available Offer Amount Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 Aaa -- AAA 6/14 100.0 Cypress I.S.D., Tex. (PSF gtd.)... 3.39 4.27 4.75...... .... ...

New-Issue Balances.
July 1, 2004... (,000 Omitted) * Since initial reoffering + Revised upward since last report Amount Date NEW OFFERINGS Sold Balance $34,000 6/30 Hartford, Conn. $34,000 All Sold 23,115 6/30 West Haven, Conn. 13,035 10,080 13,300...

Municipal Bond Prices.
July 1, 2004... These 40 Bonds are evaluated and priced daily by Standard & Poor's Securities Evaluations. All figures are rounded to the nearest eighth when reported in this table. "Change in Bid" is rounded after calculation. Dollar Change...

Municipal Bond Index.
July 1, 2004... Yesterday Previous Day Week Ago The Bond Buyer Municipal Bond Index 107-07 106-19 106-12 Wednesday, June 30, 2004 Maturity Par Call Dollar Conversion Converted Date Date Price Factor Price 1 Texas Turnpike Authority 5s...

Four Plead Not Guilty in Philadelphia Corruption Case.
July 1, 2004... Philadelphia bond lawyer Ronald A. White, former city Treasurer Corey Kemp, and banker Denis Carlson pleaded not guilty yesterday during an arraignment in U.S District Court in Philadelphia and were released on bail a day after being indicted...

Judge OKs Kentucky Governor's Spending Plan, Averting Shutdown.
July 1, 2004... A circuit court judge approved Kentucky Gov. Ernie Fletcher's spending plan to keep state government from shutting down in lieu of a budget. Franklin County Circuit Court Judge Roger Crittenden reviewed the case seeking clarification over...

The Digest.
July 2, 2004... Municipal bonds firmed yesterday supported by seasonal reinvestment flows and tight technical conditions, but activity slowed down ahead of the key June employment report and an early market close today. Complete market coverage by Anastasi ja...

The Cruelest Month: May's Muni Fund Losses 2d-Highest on Record.
July 2, 2004... Municipal bond mutual funds suffered one of their worst monthly outflows ever in May, when they lost a net $5 billion, the Investment Company Institute reported this week. The only other time it declined more was in December 1999, when the...

N.J. Judge Thwarts Plans to Stop $1.9 Billion Deficit Bond Deal.
July 2, 2004... A superior court judge in New Jersey yesterday denied a request made by state Republican leaders and taxpayers to halt the sale of $1.9 billion of deficit bonds, which would be used to balance Gov. James E. McGreevey's $28 billion fiscal 2005...

SEC Doing Pay-to-Play Examinations: FAs, Dealers Probed.
July 2, 2004... The Securities and Exchange Commission is examining roughly a half dozen registered financial advisory firms located in the eastern part of the country to determine if they have engaged in pay-to-play practices in the municipal securities...

Philadelphia Controller Seeks More Bond Input.
July 2, 2004... In a hand-delivered letter to two Philadelphia officials, Controller Jonathan Saidel proposed an improved system of internal control of debt issuance expenditures. The changes would allow his office to pre-audit all proposed city debt issuance...

News In Brief: Jobless Claims Rise 1,000 to 351,000.
July 2, 2004... First-time applications for state unemployment benefits rose by 1,000 to 351,000 in the week ended June 26, according to data the Labor Department released yesterday. The applications figure was larger than the 340,000 claims predicted by...

News In Brief: Construction Outlays At Record Rate in May.
July 2, 2004... Construction spending increased 0.3% in May as both total construction and private construction spending reached record levels, Commerce Department figures released yesterday show. Total construction spending was estimated at a record...

News In Brief: ISM Index Falls To 61.1 in June.
July 2, 2004... The economy expanded for the 32nd straight month in June, while the manufacturing sector expanded for the 13th month in a row, the Institute for Supply Management reported yesterday. The ISM monthly report on business' index dipped to 61.1...

News In Brief: Cash Managements Draw 1.150% High.
July 2, 2004... The Treasury yesterday sold $21 billion of 13-day cash management bills, dated July 2, due July 15 at a 1.150% high tender rate. The bid to cover ratio was 2.09. The coupon equivalent was 1.180%. The price was 99.958.The low bid was 1.100%....

News In Brief: Treasury to Raise New Cash in Auctions.
July 2, 2004... The Treasury Department said it will raise $1.663 billion of new cash at its weekly auction of 91-day and 182-day discount bills Tuesday by selling $34 billion to refund $32.337 billion of maturing securities. Treasury Department also said...

Thursday's Market: Municipals Firm as Action Eases Ahead of Jobs Data, Early Close.
July 2, 2004... Municipal bonds firmed yesterday, supported by seasonal reinvestment flows and tight technical conditions, but activity slowed down ahead of the key June employment report and an early market close today. A mid-day reversal in the Treasury...

A Correction.(Correction Notice)
July 2, 2004... The headline and photo caption in yesterday's story about a report on affordable multifamily housing credits misidentified the rating agency involved. The agency that released the report is Standard & Poor's, and the analyst in the photograph...

Henrico County, Va., Board Backs Putting $308M on '05 Ballot.
July 2, 2004... Leaders in gilt-edged Henrico County, Va., expect to hold a referendum next year on a proposal to issue $307.8 million in general obligation bonds, the county's finance director said yesterday. Members of the county's board of supervisors...

SEC Charges Five With Fraud Over Defaulted Heritage Healthcare Deals.
July 2, 2004... The Securities and Exchange Commission filed civil complaints late Wednesday charging five defendants associated with Heritage Healthcare with fraudulently selling $130 million of bonds to investors who were allegedly misled about the use of...

Delaware Leaders Pull All-Nighter, Pass Budget and $773M Bond Bill.
July 2, 2004... Delaware lawmakers began the new fiscal year yesterday with a freshly completed bond bill, a balanced operating budget, and probably some bags under their eyes, thanks to a legislative session that stretched several hours past midnight. ...

Miami Agency Puts Arena on the Auction Block.
July 2, 2004... For Sale: A 337,000-square-foot arena with six star dressing rooms, two locker rooms, 28 concession stands, 12 restrooms, 14,696 theater-style seats, and 18 sky boxes. Includes 4.7 acres of prime property in downtown Miami. Minimum bid: $25...

D.C. Water Board OKs $350M Plan to Replace Lead Pipes.
July 2, 2004... The District of Columbia Water and Sewer Authority's board of directors unanimously approved an estimated $350 million plan yesterday to replace all of the city's lead water-service pipes in public spaces by 2010. Funding for the plan --...

Illinois Turns to Special Spending Plan as FY 2005 Starts Without Budget.
July 2, 2004... With some Illinois lawmakers and Gov. Rod Blagojevich still deadlocked over a fiscal 2005 budget, the General Assembly yesterday approved a temporary, 30-day spending plan to keep state government on track. The House and Senate yesterday...

IRS Offers One-Year Grace Period for Low-Income Occupancy Compliance.
July 2, 2004... The Internal Revenue Service released a revenue procedure yesterday that gives developers and nonprofit organizations a 12-month grace period to comply with low-income occupancy requirements when they purchase multifamily housing projects with...

Lawsuits Seek to Halt Arkansas Schools Consolidation.
July 2, 2004... Anxious to halt efforts to consolidate small Arkansas school districts, educators and lawyers scrambled Wednesday to file legal documents that could disrupt a state plan to eliminate school systems with enrollments of less than 350 students....

Competitive Bond Offerings.
July 2, 2004... Letter F next to the issuer's name signifies the Official Notice of Sale is available on the internet! Go to www.bondbuyer.com ISSUER ST DESCRIPTION AMOUNT ($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING...

Competitive Note Offerings.
July 2, 2004... ISSUER ST DESCRIPTION AMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Friday, July 2 Schuylerville Ctrl...

Negotiated Bond Offerings.
July 2, 2004... Tentative dates for negotiated sales of $5 million or more. ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Friday, July 2 Bay Co School Bd...

Negotiated Note Offerings.
July 2, 2004... ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of July 5 Philadelphia SD PA Tax & Rev Antic 400,000 Wachovia Bank --- --- --- SP-1 --- Today...

Results of Negotiated Sales.
July 2, 2004... ALABAMA University of Alabama Jun 29, 2004 $215,995,000 General Revenue Bonds (MBIA Insured) (book entry). Dated Jul 1, 2004. Due Jul 1, 2010 to 2034. First coupon Jan 1, 2005. Callable Jul 1, 2014 at par. ...

Results of Competitive Sales.
July 2, 2004... COLORADO Boulder County Housing Authority Jul 1, 2004 $10,330,000 Rental Housing Revenue Bonds, Series 2004 (FSA insured) (book entry). Dated Jul 1, 2004. Due Dec 1, 2004 to 2034. Callable Dec 1, 2012 at par. ...

Rating Changes.
July 2, 2004... Dollar amounts represent the amount of bonds outstanding in the issue. Rating changes that result from the purchase of the letters of credit or bond insurance for issues in the secondary market are not included. ISSUER AMOUNT ...

Deal in Focus: Providence Health's Highly Rated Sale Bucks a Sector Trend.
July 2, 2004... In a tough sector of the market with traditionally lower-rated credits, Seattle-based Providence Health System is proving to be a rarity. All three credit agencies handed out strong investment-grade ratings to the system's $100 million of...

CALIFORNIA: Light Rail, Anyone?
July 2, 2004... Orange County Transportation Authority board members reportedly will meet on July 16 and once again discuss whether to ask voters in November to consider a $1 billion spending proposal for the CenterLine light-rail project. The meeting...

CALIFORNIA: Redevelopment TABs.
July 2, 2004... The San Diego Redevelopment Agency on Thursday will sell four series of tax-allocation bonds totaling $150 million for its Centre City redevelopment project. The agency will offer $102 million of Series 2004A subordinate-tax allocation...

CALIFORNIA: Bay Bridge Tolls Hiked.
July 2, 2004... Tolls went up Thursday on seven San Francisco Bay-area bridges. The voter-approved increase brings the toll on the state-owned bridges to $3 from $2 for cars. The extra money will back revenue bonds that will finance dozens of regional...

CALIFORNIA: Childrens Left Behind.
July 2, 2004... Standard & Poor's Wednesday lowered its rating to A from A-plus on Childrens Hospital of Los Angeles. The action affects $288 million of Series 1999 and 2002 revenue bonds issued by the California Statewide Communities Development...

CALIFORNIA: MIG-1 for L.A. Trans.
July 2, 2004... Moody's Investors Service assigned a MIG-1 rating to nearly $700 million of Los Angeles tax and revenue anticipation notes expected to sell competitively on July 13. Moody's said the rating reflects the larger amount of Trans being issued,...

CALIFORNIA: SFO Bonds Affirmed.
July 2, 2004... Fitch Ratings Tuesday affirmed its A rating on approximately $4.3 billion of San Francisco Airport Commission second series revenue bonds issued for San Francisco International Airport. Fitch removed the rating from rating watch negative....