By Catherine Welch
Providence, RI – Fitch Ratings has downgraded Rhode Island Economic Development Corporation's general airport bonds to A- from A.
In a released statement, Fitch says the downgrade to A- is based on a declining number of passengers going through TF Green airport, saying the airport expects to see the same passenger level this year as it did back in 1997.
Fitch also cited Southwest Airline's expanded service to Boston-Logan International as another reason for the rating downgrade.
Fitch did note that TF Green has managed costs in the wake of declining passagner levels, and says the airport has a healthy amount of cash on hand.
Fitch also revised its outlook to Stable from Negative.