The ratings on Brisbane Airport Corp. Pty Ltd. (BAC) reflect the airport's secure market position, resilient passenger traffic, good growth prospects, and increasing revenue diversity. Offsetting these strengths are an aggressive financial profile, small-to-moderate catchment size, and large forecast capital expenditure and associated operating complexity. Brisbane Airport has a strong competitive position as the major gateway for international, domestic, and regional traffic into the State of Queensland (AAA/Stable/A-1+), a region undergoing swift economic and demographic growth. The other prominent airports in the state (Gold Coast Airport, Cairns Airport) lack sizable catchments, have poor links to domestic and international flights, and have very limited business traffic, reducing their attractiveness to international airlines. The deregulation of aeronautical pricing from 2002 (and recently
