The ratings on Brisbane Airport Corp. Ltd. (BAC) reflect Brisbane airport's strong business position, its revenue diversity, and BAC's modest liquidity position. Offsetting these strengths is the company's weak financial profile, the airport's vulnerability to a short-term decline in international passenger numbers as a result of the terrorist attacks in the U.S., and the effect of Ansett's failure on domestic passenger numbers. Ansett, Australia's second-largest domestic airline, has been operating under voluntary administration since September 2001. Brisbane airport is Australia's third-busiest airport and a major international gateway to the popular tourist destinations in the state of Queensland. The total number of passengers in fiscal 2001 was 12.8 million, of which 25% were international passengers. BAC's diverse revenue sources provide flexibility
