S&P rates Chicago O'Hare International Airport bonds BBB

July 16 Tue Jul 16, 2013 5:28pm EDT

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July 16 (Reuters) - Standard & Poor's Ratings Services on Tuesday assigned a triple-B rating to Chicago, Illinois' customer facility charge (CFC) senior-lien revenue bonds issued for O'Hare International Airport.

S&P also assigned its triple-B rating to Chicago's Transportation Infrastructure Finance and Innovation Act subordinate loan issued for the airport.

The outlook is stable.

"Credit concerns include our opinion of the narrow pledged revenue stream securing the bonds; a high debt load compared with other similar projects; and an $8.00 CFC level, which we consider to be high relative to those at other airports and could limit upward rate flexibility," S&P said.

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