On June 25, 2004, Standard&Poor's Ratings Services raised its corporate credit rating on Brisbane Airport Corp. Ltd. (BAC) to 'BBB' from 'BBB-', following confirmation of the material terms of its corporate restructure. BAC owns and operates Australia's third-busiest airport and is the major international gateway to the State of Queensland. It has more than A$1 billion of debt outstanding. The outlook is stable. The ratings on BAC reflect Brisbane Airport's secure business position and resilient traffic, which lead to robust cash flows with good growth prospects. Moreover, its good history of shareholder support, combined with clear and reliable financial policies and targets, and the strong security package benefit secured lenders and limit the downside and any corporate actions
