Moody's Investors Service has downgraded Bishop International Airport Authority, Mich.'s general aviation revenue bonds to Baa3 from Baa1.
The outlook is stable. The authority has $13.1 million revenue bonds outstanding.
The downgrade reflects the continuous trend of passenger declines and reductions in airline service offerings which have impacted the airport's financial performance.
In Moody's view, the airport will likely continue to face economic weakness within the Southeast Michigan service area which will exert stress on its tax revenues and on enplanement trends and operating performance.