Moody’s Investors Service last Thursday downgraded the Hillsborough County Aviation Authority’s revenue bonds to A1 from Aa3. The move affects $692.4 million of outstanding debt. The outlook is stable. The HCAA oversees Tampa International Airport on Florida’s west-central coast.

The downgrade is based on the airport’s debt-service coverage levels, which have remained below the levels that were expected when a negative outlook was assigned in June 2009, according to analyst Kurt Krummenacker.

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