LONDON (Standard&Poor's) July 15, 2004--Standard&Poor's Ratings Services said today it affirmed its 'A' long–term and 'A-1' short-term corporate credit ratings on Ireland-based airport company Aer Rianta. The outlook is negative. At the same time, Standard&Poor's affirmed its 'A' long-term senior unsecured rating on Aer Rianta Finance PLC's €250 million bond, which is guaranteed by Aer Rianta. The affirmation follows yesterday's political approval (subject to Presidential signature) of a new airport bill that will enable a restructuring of Aer Rianta, creating two new separate entities, one of which will own Shannon Airport and the other Cork Airport. "The implementation of the restructuring could take more than a year and the credit quality of the "new"
