Entrenched position as the only general port serving Sydney, the largest city in Australia. Limited operating risk, given its landlord model. Exposure to the resilient economy of New South Wales. Financial metrics expected to gradually improve in the near term, due to underlying earnings growth. Likely refinancing of acquisition debt facilities will lengthen the debt-maturity profile and lower financing costs. Limited capital investment expected in the near term. The stable outlook is supported by our view that the port's earnings growth will be supported by a combination of economic growth in New South Wales--expected to remain at around 3%--and the company's ability to implement its commercial tariff strategy over the near term. The outlook is further supported by our expectation
