Strong competitive position as the primary aviation gateway into the state of Queensland Resilient and diverse revenue profile Supportive shareholders Leveraged capital structure and weak cash-flow-protection metrics Significant capital-expenditure program Constrained financial flexibility The ratings on Brisbane Airport Corp. Pty Ltd. (BAC), the owner of Brisbane Airport—Australia's third-largest airport, reflect our view of the airport's strong competitive position as the primary aviation gateway into the state of Queensland (AA+/Stable/A-1+) and BAC's stable and diverse revenue profile. Other key factors underpinning the ratings include BAC's supportive shareholders and management's prudent approach to growth. Partly offsetting these strengths is BAC's constrained financial flexibility (reflecting the company's significant capital-expenditure program), leveraged capital structure, and weak cash-flow-protection metrics. As the main aviation hub for
