...Summary: The `A' rating reflects the strong air trade service area, the strategic location of Chicago, IL as a hub and the demonstrated importance of the airport to both United Airlines, Inc. (BB/Stable) and American Airlines Group, Inc. (BB¡/Stable). The rating also reflects risks related to newly developed, very sizable capital programs with overall costs currently estimated at $8.5 billion over the next decade. The airport's debt burden will see substantial increases to fund the capital program. Leverage is currently elevated at over 11x and will likely rise to over 15x for most of the anticipated construction period. This leverage profile is well above the indicative guidance for the `A' category. However, this metric is influenced in part by the long duration of capitalized interest on future debt to be issued before airline rates step up to cover the rising debt costs, at which point leverage is expected to evolve to below 12x and be consistent with the rating level. Sizable Traffic...
