KBRA Releases Report Assigning A Rating to Chicago Midway Airport Senior Lien Revenue Bonds, Series 2023A&B

On October 11, 2023, KBRA assigned an A rating to the City of Chicago's Midway Airport Senior Lien Airport Revenue and Revenue Refunding Bonds, Series 2023A (AMT) and Senior Lien Airport Revenue Refunding Bonds, Series 2023B (Non-AMT). Concurrently, KBRA affirmed the long-term rating of A on Midway's outstanding Second Lien Airport Revenue Bonds. The Outlook for all Bonds is Stable.

The Long-Term A rating reflects the strong air trade area; important role in the route system of Southwest Airlines, Midway’s primary air carrier, and the financial framework supporting repayment of debt. Counterbalancing the aforementioned factors are a lack of air carrier diversity, narrow debt service coverage and under performance of non-airline revenues relative to similarly sized facilities.

To access rating and relevant documents, click here.

Click here to view the report.