Moody's Investors Service has downgraded to A1 from Aa3 the Metropolitan Washington Airports Authority's $5 billion of airport revenue bonds.

The downgrade stems from unimpressive aircraft passenger traffic in recent months, likely driven at least partially by federal sequestration cuts, Moody's said. MWAA operates both Ronald Reagan Washington National Airport and Dulles International Airport in Northern Virginia. Enplanement, passengers boarding aircraft, was light in fiscal year 2012 and up only 1.3% in 2013.

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