Perth Airport's liquidity level has reduced because the company has drawn down its facilities to fund increased capital expenditure. As a result, we are revising the liquidity score on the airport to adequate from strong. We are affirming our 'BBB' corporate credit rating and issue rating on Perth Airport and the airport's senior secured debt, respectively. The stable outlook reflects our expectation that the airport's management will prudently manage its capital expenditure and/or dividend levels over the next two to three years, such as to maintain FFO to debt above 9% depending on the operating environment. On Oct. 30, 2017, S&P Global Ratings affirmed its 'BBB' long-term corporate credit rating and issue rating on Australia-based Perth Airport Pty Ltd. and
