The ratings on Irish airport operator Dublin Airport Authority PLC (DAA) reflect Standard&Poor's Ratings Services' view of the company's stand-alone credit profile (SACP), which we assess at 'bbb', as well as our opinion that there is a "moderate" likelihood that the Republic of Ireland (BBB+/Negative/A-2) would provide timely and sufficient extraordinary support to DAA in the event of financial distress. The SACP is underpinned by DAA's "strong" business risk profile, and tempered by its "significant" financial risk profile. The SACP is supported by the strength of Dublin Airport, which generated about 85% of DAA's EBITDA in 2011 and which we regard as having a dominant market position in the Irish air transportation market. In addition, we view as
