As space expands objects dilute out and cool, which includes photons; however photons do not slow down like particles of matter instead, when they cool their vibrational frequencies decrease. This means that they change color, they go from violet to blue then to green, yellow, and red. Then they move onto infrared, then to microwave and lastly to radio waves. Since time is the change from one moment to another, light is affected by time because of the change. However according to Einsteins theory of relativity time completely stops at the speed of light. This obviously makes no sense since time, does appear to affect light.