Huntsville Madison Co. Air Auth, Ala., Downgraded to A3 by Moody's

Moody's Investors Service said it downgrades to A3 from A2 the rating on the Huntsville Madison County Airport Authority, Ala.'s $52.3 million airport revenue bonds.

The outlook is stable.

The HMCAA is the owner and operator of Huntsville International Airport.

The downgrade reflects the decline in enplanements worsened by the airport's struggle to attract and maintain a low cost carrier.

The A3 rating and outlook reflect the airport's adequate financial performance and liquidity compared to similarly rated airports, as well as the competition the airport faces from nearby airports.

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