Fitch Ratings Friday downgraded to A-minus from A its rating on the Wayne County Airport Authority, Mich.'s $2 billion of senior-lien general revenue bonds issued for Detroit Metropolitan Airport and has affirmed the A-minus rating on the around $180 million of subordinate-lien debt.

The A-minus rating on both the senior and junior debt reflects the little financial coverage distinction between the two lien levels based on existing debt secured by airport net revenues. The outlook for all WCAA bonds was revised to stable from negative.

The downgrade reflects Fitch's heightened credit concerns that the authority's long-term financial flexibility and airline cost competitiveness may be subject to increased levels of stress given the existing high debt burden, the potential for sustained economic weakness in the service area that supports origination and destination traffic, and the elevated dependence on Delta Airline's market share.

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