The ratings on the airport operator Aer Rianta reflect its dominant market position in the Republic of Ireland (AAA/Stable/A-1+) and limited competition from other airports owing to its geographical location. The ratings also reflect the company's strong commercial skills, a high level of origin-destination passengers, and Ireland's strong economic growth. These strengths are offset by uncertainty about future aeronautical tariffs and the competitive environment, a new and untested regulatory regime, a financial profile that is not reflective of its rating, a high proportion of commercial revenues relative to aeronautical revenues, and increasing reliance on low-cost carriers for future growth. Aer Rianta's ratings are based on its stand-alone credit quality. Standard & Poor's has not incorporated any support from the government,
