The ratings on Brisbane Airports Corp. (BAC) reflect Brisbane Airport's secure business position and resilient traffic level, which lead to robust cash flows with good growth prospects. Moreover, its good history of shareholder support, combined with clear and reliable financial policies and targets, and the strong security package benefit secured lenders and limit the possibility and any corporate actions detrimental to the interests of lenders. Offsetting these strengths are the company's moderately aggressive financial profile, despite improved capital structure and greater financial flexibility, and its small catchment size that limits its growth prospects. The total number of passengers using Brisbane Airport in fiscal 2003 remained about the same as fiscal 2002 at 11.8 million, having fallen by 7.6% in 2002.
