Gary/Chicago International Airport Receives Bond Rating Increase
The Gary / Chicago International Airport (GCIA) received an upgraded bond rating to their $26.4 million airport redevelopment zone revenue bonds, series 2014. The rating on GCIA’s 2014 bonds received an upgrade to “BBB+” from “BBB”, with the ratings outlook for these bonds listed as “stable.”
“This ratings upgrade is welcome news to our airport, and to the larger Northwest Indiana community as we continue to broaden the airport’s footprint as a regional economic driver,” said GCIA Authority Chairman Peter J. Visclosky. “It demonstrates a significant positive market reaction as we continue to emerge from the pandemic.”
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. In mid-2020, cargo services giant United Parcel Service (UPS) entered a long-term contract with the airport and began cargo service operations later that year, further solidifying the airport’s critical role in the Chicago market.
Fitch Ratings is among the top three global credit ratings services, providing commentary and research on multiple sectors of the capital markets. The GCIA rating report may provide information and insight for investors interested in financing future developments for the airport.