Clark County, Nev.’s McCarran International Airport on Wednesday night received a downgrade from Moody’s Investors Service to A1 from Aa3 on about $3 billion of its $4.5 billion of debt just as it prepares to market $365 million in three series on May 30.

The downgrade affected the airport’s subordinate-lien ratings, but the outlook for all the bonds was revised to stable, according to the Moody’s report.

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