NATION'S BOND RATING AGENCIES ASSIGN MIDWAY AIRPORT STRONG ‘A' RATING IN FIRST OFFICIAL RANKING
Rating Agencies Note Midway's Enplanement Growth and Capacity Beyond 2012
CHICAGO - July 31, 2001, The City of Chicago's Midway Airport revenue bonds in the aggregate principal amount of $350 million, series 2001, issued for Midway Airport have received ratings of an ‘A+' from Fitch, an ‘A2' from Moody's and an ‘A' from Standard & Poor's.
Rating agencies specifically base their ratings on Midway's strong enplanement growth, ample capacity to accommodate traveler's beyond 2012, and efficient airport management.
"This represents the first time Midway has received a stand alone rating since its ‘AAA' rating in 1998, " said Aviation Commissioner Thomas R. Walker. "It further demonstrates that Chicago's airport system is financially solid complimented by Chicago's strong metropolitan center," he added.
Midway's largest carriers, Southwest Airlines and ATA account for more than 75% of total enplanements. The airport's strong origin-destination traffic represent 80% of total enplanements providing a stable base for Midway's operation.
Many of the airport improvement projects to be financed with the series 2001 bonds are currently in design and construction phase. As part of the on going capital improvement program, a garage on the existing economy lot will provide an additional 6,100 parking spaces. The completion of an airline hydrant fueling system will enable the airlines to more efficiently fuel aircraft than prior systems allowed.
Midway school and residential soundproofing programs continue to make significant improvements in the community with noise mitigation efforts.
The 2001 airport revenue bonds are secured by a first-lien pledge of net airport revenues. These Bonds will not be supported by City tax dollars.
