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KBRA Affirms A Rating, Stable Outlook for Chicago Midway International Airport GARBs

25 Sep 2026   |   New York

Contacts

KBRA affirms the long-term A rating for the City of Chicago, Illinois Senior Lien Airport Revenue Bonds issued for Chicago Midway International Airport (the Airport). The Outlook is Stable.

Key Credit Considerations

The rating was affirmed because of the following key credit considerations.

Credit Positives

  • Residual airport use agreement provides the basis for consistently sound financial operations.
  • Large and diverse air trade area supports origination and destination (O&D) passenger demand.
  • Outstanding debt amortizes rapidly, with modest future borrowing needs.

Credit Challenges

  • Carrier concentration is high, as Southwest accounts for nearly 90% of enplaned passenger activity.
  • Non-airline revenue performance ranks among the lowest of U.S. commercial airports.

Rating Sensitivities

For Upgrade

  • Diversification of the carrier mix with concurrent enplanement growth.
  • Successful transformation of terminal concessions, resulting in materially enhanced non-airline revenue support.

For Downgrade

  • A significant reduction in Southwest’s operations at Midway that is not backfilled by other air carriers.

To access ratings and relevant documents, click here.

Methodology

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1017227