Solid market position as the gateway airport to Western Australia Continuation of soft domestic traffic demand Greater exposure to commodity sector compared with Australian peers' Forecast FFO to debt to be around 9.0%-9.5% Proposed increase in dividend distributions, which will pressure financial metrics Significant capital investment, subject to negotiation with customers and shareholder financial support The stable outlook on Perth Airport Pty Ltd. reflects our expectation that international passenger traffic will grow at a low single-digit level over the next 12 to 18 months, partially offsetting further declines in domestic passenger numbers. We expect Perth Airport to maintain its funds from operations (FFO) to debt above 9%. We expect the airport to manage its financial policy if any underperformance were
