We have lowered the ratings on the Republic of Ireland to 'A/A-1' from 'AA-/A-1+' and placed the ratings on CreditWatch negative. We have revised our opinion of the likelihood of extraordinary government support for Dublin Airport Authority (DAA) to "low" from "moderate", reflecting the Irish government's reduced capacity to provide support to DAA. We are consequently lowering the long-term corporate credit rating on DAA to 'BBB' from 'BBB+', in accordance with our criteria on government-related entities, and placing it on CreditWatch negative. The CreditWatch negative placement reflects our opinion of the uncertainty of future passenger traffic at Dublin Airport in the context of the weak economic environment in Ireland. LONDON (Standard&Poor's) Nov. 26, 2010--Standard&Poor's Ratings Services
