KBRA Assigns A+ Rating to Chicago O’Hare Airport Revenue Bonds Series 2026A
Kroll Bond Rating Agency (KBRA) has assigned an A+ long-term rating to the City of Chicago’s Chicago O’Hare International Airport General Airport Senior Lien Revenue Bonds, Series 2026A, underscoring strong credit fundamentals backed by stable airport revenue projections and solid financial metrics. The agency also affirmed the A+ rating on approximately $10.8 billion of existing O’Hare airport revenue bonds, with a stable outlook reflecting confidence in the airport’s financial resilience and market position.
The Series 2026A bonds are senior lien obligations secured by net revenues generated from the operation of O’Hare International Airport, one of the busiest and most strategically important airports in the United States. These revenues form the primary pledge for debt repayment, providing a dependable source of funds for bondholders. The stability of the rating reflects consistent passenger traffic and diversified revenue streams that contribute to predictable cash flow.
KBRA’s analysis also highlighted Chicago’s ongoing capital improvement programme (CIP), particularly the ORDNext terminal area programme, which includes constructing new satellite concourses and a modern global terminal. While this initiative represents significant future investment, the airport’s operational strength and broad air service area support long-term financial sustainability even as leverage remains a consideration.
City of Chicago officials see the bond issue as a vital component of funding key infrastructure upgrades and maintaining competitive service levels in global aviation markets. The A+ rating helps reassure investors of the credit quality of the bonds and supports market confidence as the city issues new debt to advance modernization projects at O’Hare.
Overall, KBRA’s rating reinforces the creditworthiness of O’Hare’s revenue-supported bonds, reflecting solid financial planning, strong operational performance and a stable outlook for future airport activity.
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