The ratings on Brisbane Airport Corp. Ltd. (BAC) reflect Brisbane airport's strong business and operating position, and its moderate market composition. Offsetting these strengths is the company's aggressive financial profile and the airport's reliance on the somewhat volatile tourist market. Brisbane airport is Australia's third-busiest airport and a major international gateway. The airport is a key transport link to southeast Queensland where most of the state's population is concentrated and which also is a popular tourist destination. International travel accounts for about 28% of total passengers (11 million in fiscal 2000), while the remaining comes from domestic traffic. The airport benefits from ample terminal and runway capacity to accommodate medium- to long-term growth. BAC operates the airport under a 50-year
