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 Moderate capital-expenditure program that will be funded from cash flows over the next two to three years 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. In addition, the outlook reflects our expectation that Asciano's free operating cash flow will remain positive and its funds from operations (FFO)-to-debt ratio will remain in the range of 15%-20%. The rating could
