Moody's Investors Service said it has downgraded to A2 from A1 the general obligation limited tax (GOLT) rating of Bishop International Airport Authority, Mich.
Debt service on the authority's GOLT debt is secured by its general obligation pledge subject to statutory and constitutional tax rate limitations. As of December 31, 2013, the authority had $10.4 million of outstanding GOLT debt.
The A2 rating reflects the authority's large tax base with continued economic pressures, declining though still satisfactory reserves, high carrier concentration, and low debt burden.
