The Port of Seattle’s financial outlook is poor and likely to get worse, according to Moody’s Investors Service, which changed its outlook on the Port’s bonds from stable to negative last week.

Declining shipping revenue and an impasse in negotiations of airline-lease fees are the main reasons for the poor forecast, the report said. The Port operates Seattle-Tacoma International Airport.

Commissioner Bill Bryant said the report is no surprise. “The global competition for our port-related jobs in Puget Sound is real. This is validation of that. It’s not serious unless we ignore it. It’s a wake-up call.”

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