Dominant competitive position in a relatively small catchment area; DAA's airports capture 90% of passengers flying to and from Ireland. Favorable regulatory regime that has supported the company's cash-flow resilience in challenging macroeconomic conditions. Exposure to two airlines--Ryanair and Aer Lingus--with the risk of this exposure partially offset by a large proportion of origin-destination passenger traffic. Uncertainties on how the U.K.'s departure from the EU (Brexit) will affect the U.K./Irish economy and passenger traffic as a result. Our expectation of moderate leverage, with average S&P Global Ratings-adjusted funds from operations (FFO) to debt of around 34%-36% in the next three years. A possible deterioration in metrics from 2020 (including FFO to debt below 30%), due to our expectation of additional
