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 High distribution to shareholders, pressuring the company's financial metrics Some financial flexibility through possible deferral of capital works and appropriate management of shareholder distributions. The stable rating outlook on Brisbane Airport Corp. Pty Ltd. (BAC) reflects our view of BAC's resilient traffic base and expectation that the company will continue to manage its capital structure consistent with the current rating level. BAC's potential
