Australia-based Perth Airport Pty Ltd.'s (PAPL) solid market position supports robust passenger traffic growth over the next few years. We expect PAPL to maintain a ratio of funds from operations (FFO) to debt of above 9% over the next three years. We have revised our assessment of PAPL's liquidity to strong from adequate, reflecting a lack of material near-term debt maturities. We have affirmed our 'BBB' long-term issuer credit and issue ratings on PAPL. The stable outlook reflects our expectation that regional passenger traffic will remain strong and both interstate domestic and international passenger traffic will return to pre-COVID levels in fiscal 2025. The stable outlook on PAPL reflects our expectation of strong passenger traffic at the airport over the
