Moody's Investors Service last week downgraded its rating on Bishop International Airport Authority, Mich. to Baa3 from Baa1 in light of the airport's falling passenger levels and cuts in airline service offerings, the ratings agency said.

The airport, which is located Genesee County, has $13.1 million of general aviation revenue bonds outstanding.

"In Moody's view, the airport will likely continue to face economic weakness within the southeast Michigan service area, which will exert stress on its tax revenues and on enplanement trends and operating performance," Moody's said in a press release on the downgrade.

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