...- We expect that global travel restrictions, weak economic conditions, and social distancing measures related to the COVID-19 pandemic will lead to approximately 70% fewer passengers at Dublin Airport in 2020 compared to 2019. This is a steeper reduction than we anticipated, and we now think the recovery to pre-pandemic levels could take until at least 2024. - We expect that Irish airport operator daa PLC's weighted-average funds from operations to debt will decline to 15%-16% on average over 2021-2022 compared to 58.1% in 2019. This is despite daa's plan to significantly resize its operations, and the flexibility of its 2.25 billion approved capital expenditure for 2020-2024. - As we announced on July 14, 2020, we lowered our long-term issuer credit rating on daa to 'A-' from 'A' to reflect a one-notch downward revision of its stand-alone credit profile to '###+' from 'a-'. We assess the likelihood of the Irish government providing support to daa, when needed, as moderately high. - The...
