Strong competitive position and resilient passenger traffic Good revenue diversity Prudent management with a track record of exceeding financial policies and targets Large forecast capital expenditure and associated project and construction risks Aggressive financial profile Modest catchment size relative to its global peers and some exposure to leisure traffic The ratings on Brisbane Airport Corp. Pty Ltd. (BAC) primarily reflect the Australian airport's good competitive position as the main aviation hub for the state of Queensland (AAA/Stable/A-1+) and good revenue diversity. Also underpinning the ratings is BAC's prudent management and track record of exceeding financial policies and targets. Offsetting these strengths are BAC's aggressive financial profile, significant project risks from its large capital-expenditure program, the airport's modest catchment size, and
