WASHINGTON— Fitch Ratings downgraded the Metropolitan Washington Airports Authority’s airport revenue bonds to AA-minus from AA as it prepares to issue $192 million of refunding bonds.

The downgrade, which was announced Friday and will apply to the new bonds as well as $5.1 billion of outstanding MWAA debt, was based on a “stable but narrower” debt service cushion compared to historical performance and previous forecasts, according to Fitch. The rating agency revised the bonds’ outlook to stable from negative.

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