Moody’s Investors Service Friday downgraded the Louisville Regional Airport Authority’s revenue bond rating to A2 from A1.
The action affects $362 million of outstanding bonds. The outlook is stable.
The downgrade was based on the airport’s 16% decline in enplanement levels since reaching a high of 1.95 million in 2008, Moody’s said.
In fiscal 2010, enplanements declined to 1.65 million.
“Fiscal 2011 year-to-date enplanement levels through February have increased nearly 3% over the same period in 2010 and the airport is projecting to end the year slightly above budgeted enplanements, which were budgeted to be on par with 2010,” according to Moody’s analysts.
The rating drop comes as the Regional Airport Authority prepares to issue $39 million of refunding bonds, which could sell as early as next week.