However, the city has covenanted upon commencement of the FAA's informal resolution process, to fund certain accounts with excess PFC revenues guaranteeing that no debt service interruption will occur. Also, Fitch's rating is based on the city's ability and willingness to comply with the PFC regulations. Although historically growth has been good, airport management believes landside and airfield capacity constraints stymied true natural airline growth at O'Hare. Additional fundamental credit strengths include airport management's financial acumen, evidenced by strong financial and operating results. Although the CPE is expected to increase significantly during the medium-term, the use of PFC revenue bonds will keep a significant portion of the debt service cost out of the airlines' rate base.
Management continues to utilize a residual use and lease agreement.
Yet, as mentioned above, the strength of the Chicago service area and the economies of scale that can be gained in a sizeable market serve to protect against a fundamental shift in existing route structures. Although this isthe lowest additional bonds test utilized in a PFC stand-alone transaction thus far, O'Hare's natural strength as one of the world's largest airports provides additional stability. Debt service coverage should remain at or above 1.37x throughout the projection period, 2001-2012, based on projected enplanement levels .