Strong competitive position. Sustainable passenger growth, with no exposure to transfer traffic. Strong commercial skills. Unfavorable regulatory regime. Competitive threats from the potential construction of an independent terminal at Dublin Airport and the break-up of the company. Weakening financial profile. The ratings on airport operator Aer Rianta reflect its dominant position in the Republic of Ireland (AAA/Stable/A-1+) and the lack of significant 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 passing through the company's airports, and economic growth in Ireland. Uncertainty regarding future charges, capital structure, and competition, however, offset these strengths. Further offsetting factors include an unfavorable regulatory regime and government actions, a
