Strong market positions in rail-haulage and port stevedoring services in Australia Moderate-to-high barriers to entry Long-term take-or-pay contracts in coal haulage Exposure to volume cycles in some key segments and increasing competition in port stevedoring Stable medium-term financial metrics underpinned by positive free operating cash flow Moderating capital-expenditure program such that this will be comfortably internally funded over the medium term Moderate near-term debt maturities, leading to relatively stable funding costs The stable outlook is supported by our expectation that Asciano's robust business risk profile will deliver reasonably stable credit metrics. The transition to positive free operating cash flow in the near term underpins our expectation the company will maintain cash flow leverage at FFO-to-debt in the range of 18%-20%.
