...Stable Underlying Traffic: Fitch Ratings expects momentum to be sustained as expansion projects are completed and Australian economic growth stablises. Underlying traffic levels have remained generally robust in 2014. Sydney Airport recorded an overall traffic increase year-to-date to May of 2.5%, compared with 3.1% in 2013. Fitch expects strong overall traffic growth in its rated Australian road portfolio to continue through the second half of the year, as the benefits of the completion of road-expansion works in the Sydney region come to fruition. Core Economic Role: The Fitch-rated road and airport assets perform important economic roles, which should continue to underpin their performance: Sydney Airport is the principal origin and destination airport in Australia; the Eastern Distributor (M1), Hills M2, M5 and Westlink M7 roads, along with the Cross City Tunnel and the Lane Cove Tunnel, form the bulk of Sydney's orbital road network; and the Citylink road in Melbourne is an important...
