CHICAGO — While the market’s attention is focused on Chicago’s sale of more than $1 billion of new-money and refunding debt for O’Hare International Airport this week, the city is also preparing to refund and reoffer pieces of its Midway Airport debt it had hoped to retire with its now-stalled plan to privatize the facility.

Ahead of the $85 million refunding of second-lien Midway airport revenue bonds later this month or early next month, Fitch Ratings downgraded the outstanding $703 million of first-lien bonds to A from A-plus and the $419 million of second-lien bonds to A-minus from A.

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