LONDON (Standard & Poor's) June 1, 2004--Standard & Poor's Ratings Services said today that its ratings and outlook on Irish airport operator Aer Rianta (A/Negative/A-1) remain unchanged following the company's announcement of its 2003 full-year earnings results on May 26, 2004. The results reflected a strong 5.8% increase in passenger traffic at Aer Rianta's three airports, tempered by a reduction in average airport charges at the company's Dublin airport. This decline is in accordance with a determination by the regulator. Cash flow protection measures improved from the prior year and were better than Standard & Poor's expectations, due to a combination of slightly higher-than-projected commercial and aviation revenues and lower maintenance and restructuring costs. The company's profit was, however, 44%
