The ratings on airport operator Dublin Airport Authority PLC (DAA) reflect its dominant competitive position in the Republic of Ireland (AAA/Stable/A-1+). They also reflect DAA's strong commercial skills, the high level of origin-destination passengers passing through its airports, and continued strong passenger growth. In addition, an improved regulatory environment and the publication of an interim review decision on airport charges for Dublin Airport have removed significant uncertainties regarding future revenues and investment levels. These factors are offset by an unbalanced revenue profile and the execution risk posed by a large investment program, which includes the construction of a new terminal, pier, and runway. In 2007, strong traffic growth at DAA continued, with an 8.1% increase over 2006. The Commission for
