Dominant competitive position in Ireland. Favorable regulatory regime. Significant cash retained on balance sheet, supporting credit metrics. Stressed macroeconomic environment in Ireland, creating uncertainty around traffic recovery. Cash flow metrics toward the bottom of the range commensurate with the rating. The ratings on Irish airport operator Dublin Airport Authority PLC (DAA) reflect Standard&Poor's Ratings Services' view of the company's stand-alone credit profile (SACP), which we assess at 'bbb', as well as our opinion that there is a "moderate" likelihood that the Republic of Ireland (BBB+/Negative/A-2) would provide timely and sufficient extraordinary support to DAA in the event of financial distress. The SACP is underpinned by DAA's "strong" business risk profile, and tempered by its "significant" financial risk profile.
