We assess the business risk profile of the NSW Ports group of companies, of which NSW Ports Finance Co. Pty. Ltd (NSWPF) is the funding vehicle, as "excellent", given the group's strong competitive position in the Sydney market and the size and scale of the New South Wales economy and population. NSWPF's financial risk profile reflects our expectation of the FFO-to-debt ratio remaining around 7%-8% in the near term. As a result, we have assigned a 'BBB' rating to the company, with a stable outlook. On Dec. 5, 2014, Standard&Poor's Ratings Services assigned its 'BBB' issuer credit rating to NSW Ports Finance Co. Pty. Ltd. (NSWPF), the financing arm of the NSW Ports group of companies, the holder
