DALLAS - Fitch Ratings has downgraded $120 million of taxable revenue bonds sold in 2001 for a car rental facility at Houston Intercontinental Airport. Citing declining coverage ratios, Fitch cut the rating on the debt one notch to A-minus from A.

"The downgrade reflects an elevated risk profile, as a steep reduction in rental car transactions at Houston Intercontinental Airport's consolidated rental car facility will likely necessitate draws on project fund balances to meet debt service coverage in 2009," analysts wrote.

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