Strong market position as the primary gateway airport to the State of Queensland, albeit with some competition from nearby airports, particularly in leisure and tourism Limited scale and relatively small catchment compared to global peers Light-handed regulatory framework and a degree of diversity of revenue streams Significant capital expenditure (capex) program including the A$1.4 billion new parallel runway (NPR) Commensurate with shareholders commitment to the current rating, we expect BAC to fund its growth capex in a manner to maintain financial metrics at levels consistent with current rating. Some financial flexibility through potential deferral of capex or distributions and gives some headroom in financial metrics against weakness in passenger growth The stable outlook on our 'BBB' corporate credit rating on
