The ratings on airport operator Dublin Airport Authority PLC reflect its strong, dominant competitive position in the Republic of Ireland (AAA/Stable/A-1+). 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, a highly politicized operating environment, a financial profile that is weak for the ratings, and an unbalanced revenue mix are negative rating factors. In July 2004, the Irish parliament approved a new airport bill that enables a restructuring of Aer Rianta, creating two new separate state-owned entities, one of which will own Shannon Airport and the other Cork Airport. On Oct.
