Supportive regulatory regime. Dominant competitive position in Ireland, with high level of origin-and-destination traffic. Significant cash retained on balance sheet, which supports credit metrics. Stressed macroeconomic environment in Ireland, creating uncertainty around traffic recovery. Cash flow metrics toward the bottom of the range for the rating level. The ratings on Irish airport operator Dublin Airport Authority (DAA) reflect Standard&Poor's Ratings Services' view of DAA's strong business risk profile and significant financial risk profile. The 'BBB' long-term credit rating on DAA is based on its stand-alone credit profile (SACP), which we assess at 'bbb'. We view DAA as a government-related entity (GRE). In accordance with our criteria for GREs, we believe that there is a "low" likelihood that the
