NSW Ports group delivered strong volume and revenue growth through its two key ports around Sydney and we expect the trend to continue in the near term. We expect distributions to shareholders will remain fully cash backed, taking into account a relatively low debt-funded capital investment requirement. This means that we expect financial metrics will be at a level that could support a stronger rating. As a result, we are revising our rating outlook to positive from stable, and affirming the ratings on the ports group. We would raise the rating if we have more confidence regarding the company's intention to maintain financial metrics above its stated policy. On Oct. 7, 2015, Standard&Poor's Ratings Services revised its outlook
