Irish airport authority DAA PLC (DAA) achieved strong operational growth in 2015, with revenues increasing by 20.5% and adjusted EBITDA by 9.9% as a result of traffic growth at Dublin airport (+15.4% traffic growth) reaching over 25 million passengers. We expect this growth to continue--in line with our macroeconomic assumptions for Ireland and DAA's expansion in international commercial activities--resulting in S&P Global Ratings-adjusted funds from operations to debt of 27%-28%, on average, over 2016 and 2018 and debt to EBITDA of 2.6x-3.0x, on average, over 2016 and 2018. We are affirming our long-term corporate rating on DAA at 'A-', reflecting a moderately high likelihood of extraordinary support from the Irish government. We also revised DAA's stand-alone credit profile upward to
