NEW YORK--(BUSINESS WIRE)--On November 19, 2018, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of A+ and Stable Outlook to the City of Chicago, IL Chicago O’Hare International Airport: General Airport Senior Lien Revenue and Revenue Refunding Bonds, Series 2018A (AMT); General Airport Senior Lien Revenue Bonds, Series 2018B (Non-AMT); and, General Airport Senior Lien Revenue Bonds, Series 2018C (Taxable). KBRA additionally affirmed the long-term rating of A+ and Stable Outlook on outstanding City of Chicago, IL Chicago O’Hare International Airport General Airport Senior Lien Revenue Bonds with the exception of General Airport Senior Lien Revenue Refunding Bonds, Series 2016AB&C and General Airport Senior Lien Revenue and Revenue Refunding Bonds, Series 2017ABC&D.
| Issuer: City of Chicago, IL | ||||||
| Chicago O'Hare International Airport | ||||||
| Assigned | Rating(s) | Outlook | ||||
|
General Airport Senior Lien Revenue and Revenue Refunding Bonds, Series 2018A (AMT) |
A+ | Stable | ||||
|
General Airport Senior Lien Revenue Bonds, Series 2018B (Non-AMT) |
A+ | Stable | ||||
|
General Airport Senior Lien Revenue Bonds, Series 2018C (Taxable) |
A+ | Stable | ||||
| Affirmed | Rating(s) | Outlook | ||||
| General Airport Senior Lien Revenue Bonds1 | A+ | Stable | ||||
1KBRA’s rating applies to all parity GARBs with the exception of General Airport Senior Lien Revenue Refunding Bonds, Series 2016AB&C and General Airport Senior Lien Revenue and Revenue Refunding Bonds Series, 2017ABC&D.
The rating actions are based on KBRA’s U.S. General Airport Revenue Bond Rating Methodology and an assessment of the following six key rating determinants identified therein:
- Management
- Economics/Demographics of the Service Area
- Airport Utilization
- Airport Debt/Capital Needs
- Airport Finances
- Legal Mechanics and Security Provisions
To view the report, please click here.
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KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus, is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
