MELBOURNE (Standard&Poor's) Dec. 19, 2007--Standard&Poor's Ratings Services said today that it had assigned its 'AAA' long-term rating to the proposed A$300 million credit-wrapped notes to be issued by Brisbane Airport Corp. Pty Ltd. (BAC; BBB/Stable/--). The floating-rate secured notes will be guaranteed by Financial Security Assurance Inc. (AAA/Stable/--) and have a maturity of 10 years. The medium-term notes will be used to fund BAC's capital-expenditure projects. The notes will rank pari passu with all other secured unsubordinated obligations. "The proposed notes will improve BAC's debt-maturity profile, given the notes' 10-year maturity," said Standard&Poor's credit analyst Parvathy Iyer. "The increase in debt is in line with the airport's medium-to-long-term capital-expenditure program, and incremental increases in
