Resilient passenger demand; Natural monopoly position; and Good revenue diversity. Aggressive financial profile despite an improved capital structure and financial flexibility; and Small catchment area, with a higher concentration of the leisure market than its peers. The ratings on Brisbane Airport Corp. Ltd. (BAC) reflect Brisbane Airport's strong business position through its natural monopoly, resilient passenger demand, and revenue diversity. Offsetting these strengths are the company's aggressive financial profile and a small catchment area, which has a higher exposure to leisure passengers than its peers, increasing BAC's vulnerability to volatility in that market. Brisbane Airport is Australia's third-busiest airport and a major international gateway to popular tourist destinations in the state of Queensland. The total number of passengers in fiscal
