Australia Pacific Airports Corp. Ltd.

Principal gateway to Australia's second-largest city and the State of Victoria Strong market position as the only international airport in Melbourne, Victoria Resilient long-term passenger growth and curfew-free operations Large undeveloped land bank, which provides development opportunities Significant capex profile over the next two to three years to meet future demand Future aeronautical pricing under negotiation to fund expansion Willingness and flexibility to defer capex and distributions to support the financial profile Strong FFO to debt currently, but likely to decline to about 10%-11% over the next two years The stable outlook reflects Australia Pacific Airports Corp. Ltd.'s (APAC) resilience to economic conditions, strong passenger growth, and management's commitment to its current credit profile. We also expect flexibility on dividend

...Outlook: Stable The stable outlook reflects Australia Pacific Airports Corp. Ltd.'s (APAC) resilience to economic conditions, strong passenger growth, and management's commitment to its current credit profile. We also expect flexibility on dividend payments to support the company's large capital program over the next five years, such that the company maintains its funds from operations (FFO) to debt above 10%. Further, we believe APAC will manage its major projects and delivery of projects within budget, with minimal disruption to airport operations....

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