Spokane County, Wash., Airs Downgraded to A2 by Moody's

Moody's Investors Service said it has downgraded to A2 from A1 the rating on Spokane County, Wash.'s airport enterprise revenue bonds.

The outlook remains stable.

The rating downgrade reflects significantly tighter financial margins from a combination of the downward trend of enplanements since 2007 and the increase in operating expenses in 2013.

These trends have resulted in a measurable decline in net revenue and metrics such as debt service coverage.

The A2 rating reflects the airport's strong market position with little competition, the diverse carrier mix, and the airport's low debt levels.

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