LOS ANGELES — Moody's Investors Service downgraded two Port of Seattle revenue bond liens ahead of a $139 million refunding bond sale in December.

Moody's downgraded the port's intermediate lien revenue bonds to A1 from Aa3, and assigned the rating to the new bonds. The agency also downgraded the port's outstanding subordinate lien revenue bonds to A2 from A1. The port's first lien bonds were affirmed at Aa2. All bonds have a stable outlook.

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