Pacific National Holdings Pty Ltd. (PN)'s solid competitive position and efficiency initiatives should support its operating performance. However, PN's large debt maturity in 2020, higher capex, and growing dividends result in our revision of the company's liquidity level to adequate from strong. On Oct. 28, 2019, S&P Global Ratings affirmed its 'BBB-' issuer credit rating on PN and issue credit ratings on the company's senior unsecured debt. The stable outlook reflects our expectation that the company's strong competitive position in the Australian rail freight industry and ongoing transformation initiatives will assist in maintaining the company's FFO to debt at 17%-19% over the next two to three years. The stable outlook reflects our expectation that PN's strong competitive position in the
