Irish airport operator Dublin Airport Authority PLC's (DAA's) credit measures have improved significantly over the past year due to strong revenue growth, lower net debt, and a decline in the overall cost of debt. In our view, the macroeconomic environment in which DAA operates has also improved. This was reflected in our revision of the outlook on the long-term sovereign credit ratings on Ireland to stable from negative, on Feb. 11, 2013. We are therefore revising our outlook on DAA to stable from negative. We are affirming our long- and short-term foreign and local currency corporate credit ratings on DAA at 'BBB/A-2'. The stable outlook reflects our view that DAA's credit measures will likely improve rapidly from 2014 on improving
