The ratings on Brisbane Airports Corp. (BAC) reflect the airport's secure market position and resilient passenger traffic level, which underpin robust cash flow. In addition, the company has good growth prospects, with some revenue diversity occurring. Offsetting these strengths are BAC's aggressive financial profile and its small to moderate catchment size. Brisbane Airport has a strong competitive position for international, domestic, and regional traffic into Queensland. The other prominent airports in the state (Gold Coast Airport and Cairns Airport) lack a sizable catchment base; have poor links to domestic and international flights; and have very limited business traffic, reducing their attraction to international airlines. Brisbane Airport is expected to retain its position as Queensland's major international gateway. The total number
