Moody's Investors Service said it has downgraded the Port of Seattle's outstanding intermediate and subordinate revenue bonds.

The downgrade includes the intermediate lien revenue refunding bonds downgraded to A1 from Aa3, and the subordinate lien revenue bonds downgraded to A2 from A1. At this time Moody's also affirmed the Aa2 rating on the first lien revenue bonds and the A1 rating on the passenger facility charge (PFC) revenue refunding bonds and assigned an A1 rating on the port's $139.03 million intermediate lien revenue refunding bonds, Series 2013. The rating outlook for all liens is stable.

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