Fitch Ratings has revised its outlook to negative from stable on Manchester, N.H.’s airport revenue bonds.

The agency also affirmed the A-minus rating on the city’s outstanding $188.4 million of Manchester-Boston Regional Airport revenue bonds.

“The revised outlook reflects continued declines in traffic, in part as a result of competition from Boston Logan [International Airport],” Fitch said in its report.

In 2009 and 2010, enplanements declined by 13.1% and 15%, respectively, and continued to decline in 2011 by 4.7%, Fitch reported.

The agency said negative rating action is likely if there is not significant improvement in the airport’s traffic base.

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