The ratings on airport operator Aer Rianta reflect its dominant position in the Republic of Ireland (AAA/Stable/A-1+) and the lack of significant 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 passing through the company's airports, and economic growth in Ireland. Uncertainty regarding future charges, capital structure, and competition, however, offset these strengths. Further offsetting factors include an unfavorable regulatory regime and government actions, a deteriorating financial profile, and an unbalanced revenue mix. The ratings on Aer Rianta are based on its stand-alone credit quality. Standard & Poor's has not incorporated any uplift arising from 100% government ownership into the ratings. Aer Rianta owns and
