NSW Ports has maintained its healthy market position as the second-largest port in Australia and main gateway to New South Wales, underpinned by its landlord business model. At the same time, higher capital spending and an increase in distributions in line with the port's target capital structure policy would reduce its FFO-to-debt ratio toward 8%-8.5%, which remains consistent with the current rating level. On Oct. 22, 2019, S&P Global Ratings affirmed its 'BBB' long-term issuer credit rating on NSW Ports. The stable outlook reflects our view that economic growth over the next two years in the State of New South Wales and the port's index-linked tariffs will support the port's growth. The stable outlook reflects our view that economic growth
