The negative outlook on daa reflects the uncertainties about the extent of the drop in traffic volumes and the pace and shape of the recovery due to COVID-19-related mobility restrictions. Further negative consequences for passenger traffic and retail revenue could arise from the pandemic's impact on Ireland's macroeconomic environment, given the correlation between disposable incomes and leisure travel. In our base case, we expect daa to maintain weighted-average adjusted funds from operations (FFO) to debt of 12%-15% in 2021-2022. The credit metrics will be constrained by the lower aeronautical charges approved for the 2020-2024 price control period, and daa's completion of significant investments. Additional negative effects could occur because 30% of daa's passengers come from the U.K., which is still
