Sustainable passenger growth, with no exposure to transfer traffic. Strong commercial skills. Strong competitive position. Immature regulatory regime. Highly politicized operating environment. Weak financial profile. The ratings on airport operator Dublin Airport Authority PLC (DAA) 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 continued good economic growth in Ireland. These factors are offset by uncertainty regarding the future regulatory review, a politicized operating environment, a weak financial profile for the ratings, and an unbalanced revenue mix. The Commission for Aviation Regulation (CAR) published its second determination on airport charges on Sept. 29, 2005, which proposes maximum
