Strong market position as the primary gateway airport to the City of Brisbane and State of Queensland Stable passenger growth supported by international traffic Limited scale and relatively small catchment compared with global peers' Competition from nearby Gold Coast and Sunshine Coast airports for tourists Sizable debt-funded capital expenditure program, including the ongoing new parallel runway project Forecast funds from operations (FFO)-to-debt ratio of about 11% over the next three years Some financial flexibility to protect credit rating through shareholder distributions or potential deferral of capital investment The stable rating outlook on Brisbane Airport Corp. Pty Ltd. (BAC) reflects our view of BAC's resilient traffic base and our expectation that the company will continue to fund the development of a
