S&P Upgrades Rating for Midway Airport Revenue Bonds
Standard & Poor’s (S&P) Global Ratings has upgraded Chicago Midway Airport (MDW) revenue bonds to ‘A’ from ‘A-’ and rated its outlook as ‘stable.’ The upgrade reflects S&P’s view of the South Side airport’s recovered activity levels, which the rating agency expects will continue to improve.
“As the Midway Modernization Program and O’Hare 21 capital improvement projects continue to advance, the Chicago Department of Aviation remains committed to being a strong fiscal steward of our region’s most vital economic engines,” said CDA Commissioner Jamie L. Rhee. MDW’s recent capital improvements include the security checkpoint expansion project, which doubled passenger throughput.
S&P’s assessment reflects its expectation that MDW will maintain stable and adequate financial performance due to the fully residual nature of its airline use and lease agreements. MDW’s terminal with three concourses serves more than 20 million passengers annually, making it the 29th busiest airport in the country.