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Airport's rating is cut

Dublin Airport Authority suffered another blow after rating agency Standard & Poor's cut some of the authority's bonds to just two notches above junk.

S&P said it had lowered its long-term rating for the DAA from BBB+ to A-, saying it expected another significant fall in passenger traffic this year, which would weaken the authority's financial position. The authority, which is responsible for Dublin, Cork and Shannon airports, has issued bonds worth €1.1bn to fund the construction of a new €1.2bn terminal in Dublin and improvements in Cork.