PARIS (Standard&Poor's) March 3, 2009--Standard&Poor's Ratings Services said today that it has lowered its long-term corporate credit rating on Dublin Airport Authority PLC (DAA) to 'A-' from 'A'. At the same time, the 'A-1' short-term corporate credit rating was affirmed. The outlook is negative. "The downgrade reflects our view that DAA's financial profile will weaken in 2009 significantly more than previously expected," said Standard&Poor's credit analyst James Hoskins. We anticipate that deteriorating economic conditions in the Republic of Ireland (AAA/Negative/A-1+) will result in a significant decrease in passenger traffic in 2009 and reduced commercial revenues at the company's airports (see "European Economic Forecast: The Recession Of A Lifetime," published Feb. 17, 2009, on RatingsDirect).
