Fitch Rates Chicago O'Hare Airport CP Notes 'F1'

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings assigns a rating of 'F1' to the Chicago O'Hare International Airport commercial paper notes $420,000,000 maximum aggregate principal amount, 2009 Program- 2016 Issue Series A-1, B-1 and C-1(AMT), (the Series 1 Notes), Series A-2, B-2 and C-2 (Non-AMT), (the Series 2 Notes) and Series A-3, B-3, and C-3 (Taxable), (the Series 3 Notes).

KEY RATING DRIVERS

The 'F1' rating on the Series A-1, A-2 and A-3 notes is based on the support of an irrevocable direct-pay letter of credit (LOC) provided by Bank of America N.A.,(BANA; rated 'A+/F1', Stable Outlook). The 'F1' rating on the Series B-1, B-2 and B-3 notes is based on the support of a LOC provided by Bank of Tokyo-Mitsubishi UFJ, Ltd., acting through its New York Branch, (BTMU; rated 'A/F1', Negative Outlook). The 'F1' rating assigned to the Series C-1, C-2 and C-3 notes is based on the support of a LOC provided by Barclays Bank PLC (Barclays, rated 'A/F1', Stable Outlook). Each of the LOCs has a stated expiration date of Sept. 27, 2019 unless extended or earlier terminated. Each LOC provides coverage for the principal amount of notes and interest due on the maturity dates of the notes.

The Bank of New York Mellon acting as Issuing and Paying Agent (IPA) for the notes is directed to request an advance under the related LOC to pay principal and interest on maturing notes. The BANA LOC provides sufficient coverage for a maximum of $180,000,000 principal amount of the notes plus 120 days of interest calculated at 12% based on a 365 day year. The Barclays LOC provides sufficient coverage for a maximum of $120,000,000 principal amount of notes plus 120 days of interest calculated at 12% based on a 365 day year and the BTMU LOC provides sufficient coverage for a maximum $120,000,000 principal amount of notes plus 120 days of interest calculated at 12% based on a 365 day year.

All notes will be issued at par, with interest due at maturity. Following the occurrence of an event of default under a related LOC, the effected bank may direct the IPA to immediately stop the issuance of any additional notes. In such an event the related LOC will expire after all the notes supported by that LOC mature and have been paid from funds drawn on that LOC. In addition, the effected bank may issue a final drawing notice directing the IPA to draw on its LOC for the principal of and interest due on all notes outstanding in which case the LOC will expire on the earlier of (A) the 15th calendar day (or if such date is not a Business Day, the immediately succeeding Business Day) after the date on which the IPA received the final drawing notice and (B) the date on which the Drawing resulting from the delivery of the final drawing notice is honored. The dealers for the notes are: Merrill Lynch, Pierce, Fenner & Smith, Inc., Barclays Capital Inc., Loop Capital Markets, LLC, MUFG Securities Americas Inc. and Ramirez & Co. Inc.

RATING SENSITIVITIES

The rating is exclusively tied to the short-term rating that Fitch maintains on the bank providing the LOC and will reflect all changes to that rating.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Rating Criteria for Letter of Credit-Supported Bonds and Commercial Paper (pub. 05 Apr 2016)

https://www.fitchratings.com/site/re/878782

U.S. Municipal Structured Finance Criteria (pub. 23 Feb 2015)

https://www.fitchratings.com/site/re/862222

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1011801

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1011801

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160916005546/en/

Fitch Ratings
Primary Analyst
Linda Friedman
Senior Director
+1-212-908-0727
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Richard Park
Director
+1-212-908-0289
or
Committee Chairperson
Mario Civico
Senior Director
+1-212-908-0796
or
Media Relations:
Elizabeth Fogerty, +1 212-908-0526
[email protected]

Source: Fitch Ratings

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• BofA Securities Starts ProQR Therapeutics N.V. (PRQR) at Buy
• ABS Management and Riverbay Plaza BH LLC Announce Multiple Long-Term Lease Renewals; Yechiel Rivlin Oversees Transactions
• Parker Declares Quarterly Cash Dividend