On July 15, 2004, Standard & Poor's Ratings Services affirmed its 'A' longûterm and 'A-1' short-term corporate credit ratings on Ireland-based airport company Aer Rianta. The outlook is negative. At the same time, Standard & Poor's affirmed its 'A' long-term senior unsecured rating on Aer Rianta Finance PLC's Ç250 million bond, which is guaranteed by Aer Rianta. The affirmation follows yesterday's political approval (subject to Presidential signature) of a new airport bill that will enable a restructuring of Aer Rianta, creating two new separate entities, one of which will own Shannon Airport and the other Cork Airport. The implementation of the restructuring could take more than a year and the credit quality of the "new" Aer Rianta will only become
