The ratings on airport operator Dublin Airport Authority PLC (DAA) reflect DAA's strong business risk profile based on its dominant competitive position in the Republic of Ireland (AAA/Negative/A-1+) and its supportive regulatory regime. They also reflect DAA's strong commercial skills, the high level of origin-destination passengers passing through its airports, its capacity to defer planned capital works in 2010 and beyond, and the successful delivery of its capital program, which is on schedule for completion in early 2010. The potential separation of Cork and Shannon Airports has been deferred until at least 2011. These factors are constrained by what we consider an intermediate financial profile. Further pressure could be placed on the financial profile should traffic reductions be greater than
