The ratings on airport operator Dublin Airport Authority PLC (DAA; A/Negative/A-1) 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 continued good economic growth in Ireland. These factors are offset by uncertainty regarding the future regulatory review, a politicized operating environment, an unbalanced revenue profile and, although improving, a financial profile that is still weak for the rating category. The company's 2005 results were quite strong. On the back of an overall passenger growth of 12.4% (7.7% at Dublin airport), total passengers handled by the DAA airports increased to 24.5 million from 21.8 million in 2004. Group
