BAC has announced that it has signed a contract to commence works on the next phase of its New Parallel Runway after securing revised pricing agreements with its major airline customers except Qantas. While discussions with Qantas regarding new pricing arrangements continue, we believe that BAC will appropriately manage this uncertainty and will exercise available levers to maintain some buffer to the rating. As a result, we are affirming our issuer credit rating on BAC at 'BBB'. The outlook is stable. On Oct. 11, 2013, Standard&Poor's Ratings Services affirmed its 'BBB' issuer credit rating on Brisbane Airport Corp. Pty Ltd. (BAC). The outlook is stable. The rating affirmation reflects our view that BAC will continue to manage its
