Dominant competitive position; daa's airports capture 90% of passengers flying to and from Ireland. High volatility of passenger numbers relative to other airports that have a strong business risk profile. Dublin Airport's regulatory regime has supported the company's cash-flow resilience during the downturn. High cash balances support the company's credit metrics. Moderate financial policy. The stable outlook on Irish airport operator daa plc (formerly known as Dublin Airport Authority PLC) reflects our view that daa's credit measures will remain broadly stable over the next couple of years, supported by improving passenger volumes. We forecast that FFO to debt will remain around 20%. We could consider lowering the ratings if daa's adjusted funds from operations (FFO) to debt fell to less
