Entrenched position as the only container and car terminal port serving Sydney, the largest city in Australia Limited operating risk, given its landlord operating model Limited exposure to volatile commodity sectors such as coal or agriculture Exposure to New South Wales' resilient economy Our expectation of FFO-to-debt ratio of around 9% with a commitment to the current rating level Increasing shareholder returns to manage the capital structure Increased capital expenditure of around A$50 million-A$75 million annually, driven by the development of the Enfield Logistics Centre The stable outlook reflects our view that economic growth in New South Wales and NSW Ports Finance Co. Pty Ltd.'s index-linked tariffs support the port's earnings growth. Following the port's revision of its financial policies,
