Fitch Ratings Affirms Gary/Chicago International Airport Bond Rating Upgrade to 'Stable' Outlook
In a recent positive ratings action, Fitch Ratings has upgraded the Outlook for Gary/Chicago International Airport (GCIA) to “Stable” for its outstanding $25.4 million in airport redevelopment zone (ADZ) TIF bonds. The action affirmed the “BBB” rating and removed the Under Criteria Observation (UCO) designation, while resolving the Watch List action the airport was previously under. The Series 2014 Bonds were awarded the prestigious “Midwest Deal of the Year” by The Bond Buyer, a leading industry publication.
“This Fitch rating is welcome news and reaffirms our long-term strategy of increasing operations and service capacity for GCIA, ensuring we remain a vital partner within the Chicago regional air system,” said Chairman Timothy Fesko of the GCIA Authority, the governing board of the airport. “We have made a concerted effort to cultivate public and private investments to ensure we also continue to remain a vital economic engine for Northwest Indiana.”
The Gary-Chicago International Airport is the region’s premier mid-sized airport and functions as a critical general aviation and cargo service hub, with easy access to major interstate routes including I-90, I-80, I-94, I-65 and the Chicago Skyway while also located proximate to key rail lines and shipping ports.
The improved outlook comes after several years of consistent growth and public and private investments to the region’s premier mid-sized airport that serves as the official 3rd airport for the Chicago Metropolitan region. Among these critical investments have been the 2015 expansion of the airport’s main runway to nearly 9,000 feet in length, making it the 2nd longest in the region after O’Hare International Airport, and the 2018 opening of their state-of-the-art U.S. Customs facility, allowing air travelers to visit the airport from any international destination without first needing to clear customs elsewhere.
Fitch Ratings is among the top three global credit ratings services, providing commentary and research on multiple sectors of the capital markets. To learn more about Fitch, visit their website. The GCIA rating report may provide information and insight for investors interested in financing future developments for the airport.
