On July 7, 2008, Standard&Poor's Ratings Services affirmed its 'A' long-term and 'A-1' short-term corporate credit ratings on Dublin Airport Authority PLC (DAA) following the agreement of terms of a €600 million fixed-rate senior unsecured bond. The outlook is stable. At the same time, Standard&Poor's assigned its 'A' long-term debt rating to the €600 million fixed-rate senior unsecured bond to be issued on July 9, 2008, by DAA Finance PLC, a wholly owned subsidiary of DAA. The bond proceeds will be used to prefund committed capital expenditure through 2010. DAA has obtained additional funding for the capital program from a €200 million European Investment Bank facility, which is currently undrawn. The affirmation reflects DAA's continuing strong
