Strong market position as the dominant international airport in Melbourne, Victoria; Curfew-free operations and principal gateway to Australia's second-largest city and the State of Victoria; Resilient long-term passenger growth; and Large airport site of 2,457 hectares, with an undeveloped land bank of more than 300 hectares. A ratio of funds from operations (FFO) to debt and FFO interest coverage that we forecast at about 11% and 2.5x, respectively, over the next two years; Sizable debt-funded capital expenditure (capex) program to enhance and expand facilities to meet future demand; and Willingness and flexibility to defer capex and distributions to support the financial profile. The stable outlook reflects our view of the predictability of Australia Pacific Airports Corp. Ltd.'s (APAC) underlying cash
