LONDON (Standard & Poor's CreditWire) Nov. 1, 2000--Standard & Poor's today assigned its single-'A'-plus long-term and 'A-1' short-term issuer credit ratings to Aer Rianta, the Irish airport operator. The outlook is stable. The ratings on the 100% state-owned company reflect its dominant position in the Republic of Ireland (AA+/Positive/A-1+), and limited competition from other airports, owing to its geographical position. The ratings also reflect the company's strong commercial skills, a high level of origin-destination passengers, and strong economic growth in Ireland. Offsetting these strengths is uncertainty about future aeronautical tariffs, a new and untested regulatory regime, increasing leverage, and, in 1999, a high proportion of commercial revenues, relative to aeronautical revenues. Aer Rianta's ratings are based on its stand-alone credit
