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, an unfavorable regulatory regime, a financial profile that is not reflective of its rating, and a high proportion of commercial revenues relative to aeronautical revenues. Aer Rianta's ratings are based on its stand-alone credit quality. Standard&Poor's has not incorporated any support from the government, which owns 100% of the company. This reflects an expected
