S&P Global Ratings affirmed its 'A-1' short-term rating on City of Chicago (the City), Chicago Midway International Airport, 2003 Program–Issue 2020, Series A (AMT), Series B (Non-AMT) and Series C (Taxable) commercial paper (CP) notes. The rating reflects the support JPMorgan Chase Bank N.A. provides in the form of an irrevocable direct-pay letter of credit (LOC). The city can issue up to a maximum principal amount of $150 million of CP notes with a maturity up to 270 days' interest but no later than the 16th day prior to the LOC's expiration date. The issuing and paying agent is instructed to not issue CP notes that would exceed the LOC's available amount. The LOC provides an available amount of $60
