Supportive regulatory regime. Dominant competitive position in Ireland. High level of origin-and-destination traffic. Limited capital works requirements. Significant operating cost reductions implemented. Weaker-than-expected cash flow metrics. Lower-than-expected passenger numbers. Stressed macroeconomic environment in Ireland. Relatively weak profitability compared with peers. The 'BBB+' rating on airport operator Dublin Airport Authority PLC (DAA) is based on the company's stand-alone credit profile (SACP), which Standard&Poor's Ratings Services assesses at 'BBB', and on our opinion that there is a "moderate" likelihood that the government of the Republic of Ireland (AA/Negative/A-1+) would provide timely and sufficient extraordinary support to DAA in the event of financial distress. In accordance with our criteria for government-related entities (GREs), this view is based on our assessment of
