Metropolitan Pier and Exposition Authority, IL McCormick Place Expansion Project Bonds Rating Report

Rating Summary

The rating for the McCormick Place Expansion Project Bonds issued by the Metropolitan Pier and Exposition Authority (MPEA or the Authority) is based on the strong debt service coverage provided by the combination of Authority tax revenues and supplemental support of the State of Illinois’ (the State) sales tax. Also recognized is the role of McCormick Place in the national convention and trade show market and its critical importance to the regional and state economy as underscored by State actions in support of McCormick Place operations. Offsetting these strengths is the volatility in the Authority’s tax revenues as well as an ascending debt service structure that requires periodic refunding of outstanding debt to reduce near term debt service requirements to match projected Authority tax receipts.

Proceeds of the Series 2026A Bonds will refinance certain outstanding bonds of the Authority; fund capitalized interest on the Series 2026A bonds and pay the costs…