On March 3, 2009, Standard&Poor's Ratings Services 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. 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). This decrease could be accentuated by the government's planned implementation of a €10 per passenger
