The ratings on airport operator Dublin Airport Authority PLC 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 its airports, and economic growth in Ireland. Uncertainty regarding the future regulatory regime following the restructuring of the former Aer Rianta, partially offsets these strengths. Further offsetting factors include a highly politicized operating environment, a financial profile that is weak for the ratings, and an unbalanced revenue mix. The ratings on Dublin Airport Authority are based on its stand-alone credit quality. Standard & Poor's has not incorporated any uplift arising
