The ratings on the airport operator Aer Rianta reflect its dominant market position in the Republic of Ireland (AAA/Stable/A-1+), limited competition from other airports owing to its geographical location, the company's strong commercial skills, and a high level of origin-destination passengers. 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, owing to the expected "hands-off" policy and no debt guarantees. Aer Rianta has
