The 'BBB' rating on Brisbane Airport Corp. Pty Ltd. (BAC), the owner of Australia's third-largest airport, Brisbane Airport, reflects our view of the airport's "strong" business risk profile. Underpinning the profile is the airport's position as the primary aviation gateway for the state of Queensland (AA+/Stable/A-1+). Also important to our rating are the demonstrated supportiveness of BAC's shareholders, who deferred distributions from early 2009 until the quarter ended Sept. 30, 2011, as well management's typically prudent approach to incurring growth capital expenditure. Offsetting these strengths to a degree is our view of the company's "significant" financial risk profile, which is characterized by relatively high leverage and aggressive cash-flow-coverage metrics. As the main aviation hub for international, domestic, and regional traffic
