LONDON (Standard & Poor's) June 18, 2003--Standard & Poor's Ratings Services said today that Aer Rianta's (A+/Negative/A-1) announcement of its fiscal 2002 full-year earnings results on June 12, 2003, would not lead to any rating action or outlook change on the Irish airport operator. Cash flow measures have deteriorated from previous years, but were in line with Standard & Poor's expectations. Despite a 4% increase in passenger traffic at Aer Rianta's three airports, operating income before depreciation was 4% lower than in 2001, mainly owing to a reduction of airport charges at Dublin airport. These charges were in accordance with the regulatory determination for the period 2002-2006. The regulator, the Commission for Aviation Regulation, has indicated that it will proceed
