CHICAGO — Fitch Ratings on Wednesday lowered its rating on O’Hare International Airport’s upcoming $1.1 billion issue of passenger facility charge bonds by two notches due to the airport’s increased leverage as Chicago seeks to fund remaining projects under an $8 billion expansion without airline support.

Fitch also downgraded the airport’s third-lien general airport revenue bond credit by one notch. The action lowers the rating assigned to $816 million of PFC bonds to A-minus from A-plus and $5.1 billion of third-lien GARBs to A-minus from A. Fitch affirmed the AA-plus assigned to the $73 million of first-lien GARBs and AA on $369 million of second-lien GARBs. The outlook on all the credits is stable.

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