The ratings on Irish airport operator Dublin Airport Authority (DAA) reflect Standard&Poor's Ratings Services' view of DAA's strong business risk profile and significant financial risk profile. The 'BBB' long-term credit rating on DAA is based on its stand-alone credit profile (SACP), which we assess at 'bbb'. We view DAA as a government-related entity (GRE). In accordance with our criteria for GREs, we believe that there is a "low" likelihood that the Republic of Ireland (BBB+/Stable/A-2; Unsolicited Ratings) would provide timely and sufficient extraordinary support to DAA in the event of financial distress. This view is based on our assessment of DAA's: "Limited" link with the Irish government as, although the government owns 100% of DAA's capital, we anticipate
