The assessment by MI5 is that an attack is likely, as opposed to highly likely.
The North’s Secretary of State Chris Heaton-Harris announced the decision and said it was a “comprehensive and rigorous process”.
He said it was based on the “very latest intelligence and analysis of factors which drive the threat”.
“The fact that the threat level is being lowered is testament to the tremendous efforts of the Police Service of Northern Ireland and MI5 to tackle Northern Ireland related terrorism,” he added.
“This positive step reflects the commitment of communities from across Northern Ireland to build a safer place to live and work.
“As ever, the public should remain vigilant and report any concerns they may have to the police.
“There remains a small group of people determined to destabilise the political settlement in Northern Ireland through acts of terrorism.”
MI5 has been responsible since 2010 for setting the North’s terrorism threat level every six months.
There are five threat levels ranging from low to critical.
Mr Heaton-Harris added: “The government, police and intelligence agencies will continue to work tirelessly to address the threat posed by terrorism in all its forms.
“The threat level will be kept under constant review.”
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