The ratings on Aer Rianta, the 100% state-owned Ireland-based airports operator, were placed on CreditWatch with positive implications following the publication of the draft determination on airport charges by the Irish Commission of Airport Regulation (the Commission) on June 26, 2001. The ratings on Aer Rianta reflect its dominant position in the Republic of Ireland (AA+/Positive/A-1+) and limited competition from other airports owing to its geographical position. The ratings also reflect the company's strong commercial skills, a high level of origin-destination passengers, and forecast strong economic growth in Ireland. Offsetting these strengths is a new and untested regulatory regime, increasing leverage, and a high proportion of commercial revenues relative to aeronautical revenues. Aer Rianta's ratings are based on its stand-alone
