Solid market position as the gateway airport to Western Australia Continuation of flat traffic growth Greater exposure to commodity sector compared with Australian peers' Forecast FFO to debt maintained at about 9%-10% Reduced capital expenditure plans given low passenger growth Limited flexibility to reduce capital expenditure over the next two years in the event of continued poor passenger growth The stable outlook reflects our expectation that Perth Airport Pty Ltd. will maintain funds from operations (FFO) to debt and FFO interest coverage at least 9% and 2.0x, respectively. Given the airport's limited headroom at present, the stable outlook is predicated on our view that any underperformance would lead to an appropriate financial policy response from the airport to maintain credit
