News Column

Fitch Ratings Revises Outlook on O'Hare Bonds

August 22, 2014

CHICAGO, Aug. 22 -- The Chicago Department of Aviation issued the following news release:

The Chicago Department of Aviation (CDA) is pleased to announce that Fitch Ratings has removed the negative outlook on the O'Hare International Airport's$6.56 billion General Airport Revenue Bonds (GARB) and replaced it with a stable outlook, affirmed at the 'A-' rating.

Fitch also affirmed the 'A' rating for the approximately $664 million passenger facility charge revenue bonds.

"The revised outlook on the O'Hare bonds is a testament to the economic strength of O'Hare Airport and the prospective for continued fiscal strength and growth of this key Chicago asset," said Chicago Mayor Rahm Emanuel.

O'Hare is a major hub for two of the world's largest airlines - United and American, and is a major port of entry to the U.S. It is consistently ranked among the world's top five busiest airports, handling more than 67 million passengers and 883,000 aircraft operations in 2013.

Fitch's outlook elevation reflects steadying airport traffic trends and greater stability with American Airlines' operations after emerging from bankruptcy and its merger with US Airways.

Another factor is the progress made by the City in keeping operational costs in line with forecasts and traffic volumes that were up 4.1 percent over the first six months of 2014.

More than 50 passenger carriers operate out of O'Hare, providing nonstop flights to over 140 cities in the U.S. and 65 international destinations.

About Fitch Group

Fitch Group is a global leader in financial information services with operations in more than 30 countries. Fitch Group is comprised of: Fitch Ratings, a global leader in credit ratings and research; Fitch Solutions, a leading provider of credit market data, analytical tools and risk services; Fitch Learning, a provider of learning and development solutions for the global financial services industry; and Business Monitor International, a provider of country risk and industry analysis specializing in emerging and frontier markets. Fitch Group is jointly owned by Paris-based Fimalac and New York-based Hearst Corporation.

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Source: Targeted News Service

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