City of Chicago, IL – GARBS Chicago Midway International Airport Surveillance Report
Rating Summary
The long-term rating continues to reflect Chicago Midway International Airport’s (Midway or the Airport) robust air-service market based on the nation’s fourth-largest population center; sizable and diverse economic base, with the headquarters of 30 Fortune 500 companies; favorable location in the center of the U.S.; vital role in the route system of Southwest Airlines (Southwest); and sound financial framework supporting repayment of debt. Offsetting these strengths are the Airport’s high level of air carrier concentration and significant underperformance of non-airline revenues relative to similarly sized facilities. KBRA notes that the Airport’s historically narrow debt service coverage (DSC) has improved under a strengthened rate covenant in the revised 2023 Bond Indenture.
Midway, owned by the City of Chicago (the City) and operated by the Chicago Department of Aviation (CDA), ranked…
Log in or Sign up for free access to this report.
KBRA is a global full-service rating agency with a mission to set a standard of excellence and integrity. Established in 2010, KBRA remains dedicated to the restoration of trust in credit ratings by creating new standards for assessing risk and by offering timely and transparent ratings. KBRA provides market participants with an alternative solution by delivering in-depth research across various sectors within the United States and European markets. We strive to provide the investment community with the products and tools needed to make informed investment decisions.