The ratings on Brisbane Airport Corp. Pty Ltd. (BAC) primarily reflect the Australian airport's good competitive position as the main aviation hub for the state of Queensland (AAA/Stable/A-1+) and good revenue diversity. Also underpinning the ratings is BAC's prudent management and track record of exceeding financial policies and targets. Offsetting these strengths are BAC's aggressive financial profile, significant project risks from its large capital-expenditure program, the airport's modest catchment size, and some exposure to the cyclical nature of holiday passenger traffic. As the main aviation hub for international, domestic, and regional traffic into the State of Queensland, BAC's strong competitive position is backed by curfew-free operation, a diverse mix of airlines flying to an extensive network of destinations, and the
