Solid passenger growth with nearly 100% origination-destination passenger levels Strong commercial skills Very strong competitive position Immature regulatory regime Very large capital expenditure program over the next 10 years, with uncertainty about regulatory compensation Financial profile that will likely weaken over the next three to five years owing to large investment program The ratings on airport operator Dublin Airport Authority PLC (DAA; A/Negative/A-1) reflect its dominant competitive position in the Republic of Ireland (AAA/Stable/A-1+). They also reflect DAA's strong commercial skills, the high level of origin-destination passengers passing through its airports, and continued strong passenger growth. These factors are offset by uncertainty about the outcome of a regulatory review of DAA's very large planned capital-expenditure program, and an unbalanced revenue
