Strong competitive position. Sustainable passenger growth, with no exposure to transfer traffic. Strong commercial skills. Unfavorable regulatory regime. Highly politicized operating environment. Weak financial profile. The ratings on airport operator Dublin Airport Authority PLC reflect its strong, dominant competitive position in the Republic of Ireland (AAA/Stable/A-1+). The ratings also reflect the company's strong commercial skills, a high level of origin-destination passengers passing through its airports, and economic growth in Ireland. Uncertainty regarding the future regulatory regime following the restructuring of the former Aer Rianta, a highly politicized operating environment, a financial profile that is weak for the ratings, and an unbalanced revenue mix are negative rating factors. In July 2004, the Irish parliament approved a new airport bill that enables
