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. Sizable debt-funded capital expenditure (capex) program, including the ongoing new parallel runway. Forecast funds from operations (FFO)-to-debt ratio of about 11%-12% and FFO interest cover of about 2.5x over the next 12-24 months. Some financial flexibility to protect credit rating through potential deferral of capex or shareholder distributions. The stable rating outlook on Brisbane Airport Corp. Pty Ltd. (BAC), the south-east Queensland gateway airport, reflects our view of BAC's resilient traffic base and our expectation
