CHICAGO – Moody’s Investors Service downgraded $6.5 billion of Chicago O’Hare International Airport general airport revenue bonds one notch due to the airport’s high leverage, narrow financial margins, and economic and construction risks tied to its ongoing $8 billion expansion.

The downgrade to A2 from A1 and assignment of a stable outlook comes ahead of the city’s sale of about $1.5 billion of refunding GARB and bonds backed by passenger facility charges slated for early next month. Citi is the senior manager on the PFC bonds and Barclays Capital is senior manager on the GARBs.

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