Dublin Airport Authority PLC

Dominant competitive position High level of origin and destination traffic Capacity to defer capital spend from 2010 and reduce operating costs Strong commercial skills Supportive regulatory regime Intermediate financial profile which is likely to be weaker than previously expected Limited financial flexibility in 2009 due to committed capital expenditure program Expected decline in traffic in 2009 and uncertainty about traffic 2010 as well as retail and commercial revenues due to deteriorating economic conditions Full recovery of terminal 2 costs reliant on traffic levels and may be delayed The ratings on airport operator Dublin Airport Authority PLC (DAA) reflect DAA's strong business risk profile based on its dominant competitive position in the Republic of Ireland (AAA/Negative/A-1+) and its supportive regulatory regime.

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