The ratings on airport operator Dublin Airport Authority PLC (DAA) reflect its strong business risk profile and intermediate financial profile. The company's strong business risk profile results from its dominant competitive position in the Republic of Ireland (AA/Negative/A-1+). In addition, DAA benefits from a supportive regulatory regime, a high level of origin-destination passengers, and the capacity to defer planned capital works in 2010 and beyond. Standard&Poor's Ratings Services considers DAA to have an intermediate financial risk profile as shown by 15% funds from operations-to-debt. We believe that the financial profile could face further pressure should passenger traffic reductions be greater than currently anticipated by DAA. Passenger traffic has continued to fall significantly during the first half of 2009,
