We expect interstate and international traffic in Western Australia to meaningfully resume during the first quarter of 2022, based on the state government's stance on reopening borders and quarantine-free travel. We believe Perth Airport Pty Ltd.'s management will continue to exercise strong controls on operating expenditure and capital spending, such that its FFO-to-debt continues to improve towards 9% by fiscal 2024. On Dec. 10, 2021, S&P Global Ratings affirmed its 'BBB' issuer and issue credit ratings on Perth Airport. The outlook remains negative, reflecting the continued uncertainty of air travel, resulting in weak financial metrics and increased balance sheet strain for Perth Airport. Total passenger traffic for fiscal 2022 could be at around 50% of pre-pandemic levels, and will largely
