Strong market position as the primary gateway airport to the city of Brisbane and State of Queensland Competition from nearby Gold Coast and Sunshine Coast airports for leisure and tourism travelers Resilient long-term passenger growth Limited scale and relatively small catchment compared to global peers Forecast funds from operations (FFO) to debt of about 9%-10% and FFO interest cover about 2.4x over the medium term Sizable debt-funded capital expenditure (capex) program, including the A$1.4 billion new parallel runway (NPR) Some financial flexibility to protect credit rating through potential deferral of capex or shareholder distributions The stable outlook on our 'BBB' corporate credit rating on the south-east Queensland gateway airport Brisbane Airport Corp. (BAC) reflects our view of BAC's resilient traffic
