Moody’s Investors Service has affirmed its A2 first-lien and A3 second-lien ratings assigned to Midway Airport’s $1.4 billion of outstanding bonds in conjunction with Chicago’s replacement of a swap agreement on a portion of Midway’s debt portfolio.

Chicago is replacing Morgan Guaranty Trust Co. as counterparty for a swap on some 2004 bonds with Wells Fargo Bank. Under the terms of the existing swap, the airport pays a fixed rate of 4.174% and receives a variable rate based on the Securities Industry and Financial Markets Association index plus 0.05%. Under the new swap, Midway will receive the same floating rate but the fixed rate will be increased to about 4.314%.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.