- Associated Press - Friday, April 6, 2018

CHICAGO (AP) - Moody’s Investors Service has given a thumbs down to Chicago’s plans to expand O’Hare International Airport.

The Chicago Sun-Times reports the investment rating agency on Thursday branded the $8.4 billion project to overhaul O’Hare “credit negative.” Moody’s contends the project will increase leverage and airline costs above those of other comparable airports, “weakening O’Hare’s competitive position and airlines’ profitability.”

The Chicago City Council has voted to allow the initial borrowing of up to $4 billion for the plan. The proposal would add gates, concourses and an updated international terminal at the airport.


TOP STORIES
Republicans question Democrats' resolve as public turns against impeachment
Bloomberg says live-in girlfriend would be 'de facto first lady' if he wins
Melania Trump befriends 18-year-old former leukemia patient


O’Hare currently has $7 billion in outstanding general airport revenue and passenger facility charge debt. Despite that, Chief Financial Officer Carole Brown says the massive expansion plan poses no credit risk either to the airport or the city.

___



Information from: Chicago Sun-Times, http://chicago.suntimes.com/

Sign up for Daily Newsletters

Manage Newsletters

Copyright © 2019 The Washington Times, LLC.

Please read our comment policy before commenting.

 

Click to Read More and View Comments

Click to Hide