Solid market position as the gateway and only international airport to Western Australia Greater exposure to the commodity sector compared with Australian peers' Continued soft traffic demand despite expectation of recovery over the next few years Ongoing negotiation for new international aeronautical tariffs to support expansion plans Financial metrics at the weaker end of the current rating, with forecast FFO to debt to temporarily drop below 9% for one or two years Potential pressure due to significant capital investment, subject to negotiation with customers Dividend restraint in the near term and expectation of timely shareholder support to improve metrics Some flexibility for phased implementation of capital expenditure The stable outlook on Perth Airport Pty Ltd. reflects our expectation that the
