-- We expect the financial profile of the Dublin Airport Authority (DAA) to materially weaken from previous expectations because of significant declines in passenger traffic volumes. -- We are consequently lowering our assessment of DAA's stand-alone credit profile (SACP) to 'BBB' from 'A-'. -- Based on our opinion that the likelihood of extraordinary government support if needed is "moderate", we apply a one-notch uplift to DAA's SACP for extraordinary support. -- We are lowering the long-term corporate credit rating on DAA to 'BBB+' from 'A-' and the short-term rating to 'A-2' from 'A-1'. -- The negative outlook reflects our view that a recovery in traffic is uncertain at this stage, especially in the context of the current economic position of
