Dublin Airport Authority 'BBB/A-2' Ratings Affirmed On Limited Impact Of Restructuring; Outlook Negative Dec 12
- Language: English
- Published: December 2012
The ratings on Irish airport operator Dublin Airport Authority (DAA) reflect Standard & Poor's Ratings Services' view of the dominant position of Dublin Airport--which generates three quarters of the DAA group's EBITDA--in the Irish air transportation market and its favorable single-till regulatory regime, which has supported significant increases in aeronautical tariffs in 2010 (up 26%) and 2011 (up 7%) that offset declines in traffic. We also view DAA's implementation of cost-cutting initiatives and its moderate requirements for capital works from 2011 onward as supportive factors. These strengths are mitigated by the close correlation between passenger traffic, which is mainly origin-and-destination, and the economic environment in Ireland which, in our view, will remain relatively weak in the near term (see "Rating...
Companies mentioned in this report are: Dublin Airport Authority PLC
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Dublin Airport Authority PLC