Brisbane Airport Corp. Pty Ltd. has improved its liquidity position following the issuance of A$850 million medium-term notes in June 2020, on top of A$760 million of additional bank facilities in April 2020. As a result, we are revising our liquidity assessment on the company to strong from adequate. On Aug. 17, 2020, S&P Global Ratings affirmed its 'BBB' long-term issuer credit rating on the company. The negative outlook reflects continued uncertainty in the travel market and Brisbane Airport's minimal financial buffer to withstand a slower recovery in traffic relative to our estimate over the next six to 12 months without appropriate support to the balance sheet. The negative outlook reflects risks to Brisbane Airport's credit quality if the recovery
