Strong market positions in coal, bulk, and intermodal rail-haulage services in Australia Moderate-to-high barriers to entry Long-term take-or-pay contracts in coal haulage Exposure to volume cycles Stable financial metrics over the next two to three years, underpinned by positive free operating cash flow Moderating capital-expenditure program such that this will be comfortably internally funded over the next two to three years Moderate debt maturities over the next 12 months, leading to relatively stable funding costs The stable outlook reflects our expectation that Asciano Ltd.'s solid competitive position in the Australian rail industry will enable the company to generate reasonably stable credit metrics following divestment of the ports businesses. In addition, the outlook reflects our expectation that Asciano's free operating cash
