Dépêches

Fitch Rates Chicago Midway Airport, IL 2nd Lien Revs 'A-' (Underlying Bank Bond Rtg); Outlook Stable

Dépèche transmise le 28 juin 2011 par Business Wire

CHICAGO--(BUSINESS WIRE)--Fitch Ratings has assigned an 'A-' underlying bank bond rating to the following city of Chicago - Chicago Midway Airport, IL (Midway) second lien revenue bonds:

--$62.975 million series 2004C-1;

--$74 150 million series 2004C-2;

--$15.025 million series 2004D;

--$22.000 million series 2010A-1.

The Rating Outlook is Stable for all bonds.

A mandatory tender and reoffering of the series 2004C-1, 2004C-2, 2004D, and 2010A-1 bonds will occur on June 30, 2011 (the effective date) whereby the irrevocable direct-pay letters of credit (LOCs) previously provided by Morgan Stanley Bank, N.A. will be terminated. On the effective date Bank of Montreal (BOM), acting through its Chicago Branch and Wells Fargo Bank, N.A., will issue irrevocable direct-pay LOCs that will expire Nov. 25, 2013.

Fitch will separately assign short-term and long-term enhanced ratings based on its LOC-supported bond and dual-party pay criteria.

For more information, see Fitch's Sept. 23, 2010 press release 'Fitch Rates Chicago Midway Airport's (IL) Second Lien Revs 'A-'; Outlook Stable' available at 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Rating Criteria for Infrastructure and Project Finance', dated Aug. 16, 2010;

--'Rating Criteria for Airports', dated Nov. 29, 2010.

Applicable Criteria and Related Research:

Rating Criteria for Infrastructure and Project Finance

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=548345

Rating Criteria for Airports

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=578745

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