CHICAGO — Moody’s Investors Service yesterday downgraded O’Hare International Airport’s passenger facility charge-backed bonds to A2 from A1 ahead of Chicago’s sale in mid-April of roughly $1.3 billion of new-money and refunding airport-related bonds.

Moody’s affirmed the A1 assigned to the O’Hare third-lien general airport revenue bond program. Fitch Ratings yesterday affirmed the third lien’s A rating and A-plus on the PFC bonds. The city will sell about $1.1 billion of new-money and refunding GARBs in the transaction and $200 million of new-money and refunding PFC bonds.

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