We expect Perth Airport's revenue and EBITDA to reduce in fiscal 2019 due to subdued passenger volume, lower non-aeronautical revenues, and new aeronautical price profiles, before increasing slowly in the following years. Also, we expect debt to increase slowly because of planned capex and the buyback of the Qantas domestic terminal, notwithstanding substantial discipline in shareholder distributions. We expect the airport's FFO to debt to be temporarily below 9% for one or two years, before recovering thereafter. We are affirming the 'BBB' issuer credit and issue ratings on Perth Airport. The stable outlook reflects our expectation that Perth Airport would take proactive and timely measures, including dividend restraints and phased implementation of capex, to restore the FFO to debt to
