Moody's Investors Service has downgraded to A2 from A1 the City of Chicago O'Hare International Airport's third lien general airport revenue bonds (GARBs) and affirmed the A2 rating on the airport's outstanding Passenger Facility Charge (PFC) bonds. We have also assigned an A2 rating to the airport's General Airport Senior Lien Revenue Refunding Bonds Series 2012A-E and PFC Revenue Refunding Bonds Series 2012A&B. Additionally we have also withdrawn the ratings on the airport's outstanding First Lien GARBs and expect to withdraw the ratings on the outstanding second lien GARBs once they are fully redeemed through this bond issue.

The outlook on all bonds remains stable.

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