This report does not constitute a rating action. Overview Key strengths Key risks Established position in Australia's rail haulage markets for intermodal, bulk, metallurgical, and thermal coal Exposure to volume risk and contract renewals Moderate to high entry barriers and significant portion of take-or-pay contracts for coal provide a degree of cash flow certainty High competition in intermodal and bulk segments can pressure margins and volume growth Disciplined capital management, including a suspension or reduction of distributions, will support metrics Significant capital expenditure (capex) requirements We expect Pacific National Holding Pty Ltd.'s earnings to improve over the next two to three years. New coal contracts, a flat to modest rise in intermodal volumes, fuel cost pass through, and further cost
