The ratings on Brisbane Airport Corp. Pty Ltd. (BAC) primarily reflect the Australian airport's strong competitive position as the main aviation hub for the state of Queensland (AAA/Stable/A-1+) and resilient and somewhat diverse revenue base. 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—albeit somewhat deferred—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 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
