The ratings on airport operator Aer Rianta reflect its dominant position in the Republic of Ireland (AAA/Stable/A-1+) and limited competition from other airports owing to its geographical position. The ratings also reflect the company's strong commercial skills, a high level of origin-destination passengers, and strong economic growth in Ireland. Offsetting these strengths is uncertainty regarding future aeronautical tariffs, a new and untested regulatory regime, expected increasing leverage, a high proportion of commercial revenues relative to aeronautical revenues, and increasing reliance on low-cost carriers for future growth. Aer Rianta's ratings are based on its stand-alone credit quality. Standard & Poor's has not incorporated any uplift arising from government support as 100% owner. This reflects an expected hands-off policy environment, a depoliticized
