KBRA Assigns 'A' Rating to Chicago Midway Airport Senior Lien Airport Revenue Refunding Bonds Series 2024A (AMT) and Series 2024B (Non-AMT); Affirms Rating for Parity Bonds; Withdraws Rating for Second Lien Airport Revenue Bonds
KBRA assigns a long-term rating of A with a Stable Outlook to the City of Chicago, IL Chicago Midway Airport: Senior Lien Airport Revenue Refunding Bonds, Series 2024A (AMT); and, Senior Lien Airport Revenue Refunding Bonds, Series 2024B (Non-AMT).
- KBRA assigns a long-term rating of A with a Stable Outlook to the City of Chicago, IL Chicago Midway Airport: Senior Lien Airport Revenue Refunding Bonds, Series 2024A (AMT); and, Senior Lien Airport Revenue Refunding Bonds, Series 2024B (Non-AMT).
- KBRA additionally affirms the long-term rating of A for parity Senior Lien Airport Revenue Bonds.
- Finally, KBRA withdraws the long-term rating of A for the City's Chicago Midway Airport Second Lien Airport Revenue Bonds.
- This action follows the City's retirement of all remaining legacy First Lien Bonds, closure of the previously existing first lien, and redesignation of outstanding Second Lien Bonds as Senior Lien Bonds under the Amended and Restated Senior Lien Master Indenture of Trust.