We believe that the earnings of Irish airport operator Dublin Airport Authority PLC (DAA) have improved more quickly than we had forecast. This supports our view that DAA will sustain its financial performance, despite the Commission for Aviation Regulation's determination that the maximum tariffs DAA can charge at Dublin Airport will reduce, in real terms, from 2015. We are therefore raising our long-term corporate credit rating on DAA to 'BBB+' from 'BBB'. The stable outlook reflects our view that DAA's credit measures will remain broadly stable over the next couple of years, supported by improving passenger volumes. On Nov. 5, 2014, Standard&Poor's Ratings Services raised its long-term corporate credit rating on Irish airport operator Dublin Airport Authority PLC
