Leighton Holdings Ltd. http://www.alacrastore.com/company-snapshot/Leighton_Holdings_Ltd-1051373 Friday, October 10, 2008 11:25:54 PM 1051373 Leighton Holdings Ltd. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/bir/1200520bir/1200520normLeighton Holdings Ltd.AustraliaServices: Engineering, building design and construction; project management, contract mining, property development, specialist engineering and telecommunications.87111541154217315413302362102362202382109ILLEI8/29/2008 6:14:00 AM1200520Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/spcred/648661spcred/648661normThe latest Full Report from S&Pglobalstructured5/16/2008 4:29:06 AM400Full Report648661AustraliaConstruction & EngineeringPacificGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCollateralized Debt ObligationsHigh TechnologyCapital GoodsBuilding MaterialsFull ReportLeading market position in the growing infrastructure construction and contract mining sectors Significant business, industry, project, and geographic diversity Favorable operating track record Intermediate financial risk profile, albeit weakened due to debt increasing in late 2007 Exposure to the weaker credit profile of its major shareholder, Hochtief Competitive and cyclical heavy engineering and construction industries Performance risk related to mining contracts and large, complex infrastructure projects, which are generally contracted on a fixed-price and fixed-term basis The 'BBB' long-term corporate credit rating on Leighton Holdings Ltd. (Leighton) reflects the company's: leading market position in Australia's infrastructure construction and contract mining sectors; significant business, industry, project, and geographic diversity; favorable operational track record; and intermediate financial risk profile. The rating alsoAUSQ5253#Q5519020103010 201030 2010 20Leighton Holdings Ltd.127018PACLEI@AUFULLAUS20103010 201030 2010 20Leighton Finance International Ltd.391105PACGLOBISSSTRUCCORPABSCDOHighCapitalBuildingCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648663spcred/648663normThe latest Summary from S&Pglobalstructured5/16/2008 4:29:06 AM175Summary648663AustraliaConstruction & EngineeringPacificGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCollateralized Debt ObligationsCapital GoodsSummaryThe 'BBB' long-term corporate credit rating on Leighton Holdings Ltd. (Leighton) reflects the company's: leading market position in Australia's infrastructure construction and contract mining sectors; significant business, industry, project, and geographic diversity; favorable operational track record; and intermediate financial risk profile. The rating also reflects the parent's weaker credit quality, an inherent exposure to the competitive and cyclical-heavy engineering and construction (E&C) sectors; and the performance risks related to mining contracts and large, complex E&C projects. The rating on Leighton was recently lowered, reflecting Standard&Poor's Ratings Services' opinion that the weaker credit quality of Leighton's unrated German parent Hochtief AG could have a potential adverse influence on Leighton's credit quality in the event of significant financial stress atAUSQ5253#Q5519020103010 201030 2010 20Leighton Holdings Ltd.127018PACLEI@AUSUMMARYGLOBISSSTRUCCORPABSCDOCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/627986spcred/627986normThe latest News from S&P1/29/2008 4:32:05 AMNews100structuredglobal627986AustraliaConstruction & EngineeringPacificStructured FinanceGlobal IssuersAsset-Backed SecuritiesCollateralized Debt ObligationsCorporationsCapital GoodsNewsMELBOURNE (Standard&Poor's) Jan. 29, 2008--Standard&Poor's Ratings Services today said that it had lowered its long-term corporate credit rating on Leighton Holdings Ltd. to 'BBB' from 'BBB+' because of the weak credit quality of Leighton's unrated German parent Hochtief AG. At the same time, the rating on Leighton's A$200 million convertible unsecured notes were lowered to 'BB+' from 'BBB-'. The outlook is stable. The 'BB' rating on Leighton Finance International Ltd. was unchanged. "The downgrade reflects the potential adverse influence that the parent could have on Leighton's credit quality in the event of significant financial stress at Hochtief," Standard&Poor's credit analyst Craig Parker said. "Although Standard&Poor's considers that Leighton's standalone credit quality remainsAUSQ5253#Q5519020103010 201030 2010 20Leighton Holdings Ltd.127018PACLEI@AUNEWSSTRUCGLOBISSABSCDOCORPCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/627987spcred/627987normThe latest Research Update from S&P1/29/2008 4:32:05 AMResearch Update175globalstructured627987AustraliaConstruction & EngineeringPacificGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCollateralized Debt ObligationsCapital GoodsResearch UpdateOn Jan. 29, 2008, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on Leighton Holdings Ltd. to 'BBB' from 'BBB+'. At the same time, the rating on Leighton's A$200 million convertible unsecured subordinated resettable notes were lowered to 'BB+' from 'BBB-'. The outlook is stable. The 'BB' rating on Leighton Finance International Ltd. was unchanged. The rating downgrade reflects the weak credit quality of Leighton's unrated German parent Hochtief AG and the potential adverse influence that the parent could have on Leighton's credit quality in the event of significant financial stress at Hochtief. Although Standard&Poor's considers that Leighton's standalone credit quality remains unchanged and robust, we have previously noted that Hochtief's increased shareholding in LeightonAUSQ5253#Q5519020103010 201030 2010 20Leighton Holdings Ltd.127018PACLEI@AURESUPDGLOBISSSTRUCCORPABSCDOCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/627989spcred/627989normThe latest Research Update from S&P1/29/2008 4:32:05 AMResearch Update175globalstructured627989AustraliaConstruction & EngineeringPacificGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCollateralized Debt ObligationsCapital GoodsResearch UpdateOn Jan. 29, 2008, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on Leighton Holdings Ltd. to 'BBB' from 'BBB+'. At the same time, the rating on Leighton's A$200 million convertible unsecured subordinated resettable notes were lowered to 'BB+' from 'BBB-'. The outlook is stable. The 'BB' rating on Leighton Finance International Ltd. was unchanged. The rating downgrade reflects the weak credit quality of Leighton's unrated German parent Hochtief AG and the potential adverse influence that the parent could have on Leighton's credit quality in the event of significant financial stress at Hochtief. Although Standard&Poor's considers that Leighton's standalone credit quality remains unchanged and robust, we have previously noted that Hochtief's increased shareholding in LeightonAUSQ5253#Q5519020103010 201030 2010 20Leighton Holdings Ltd.127018PACLEI@AURESUPDGLOBISSSTRUCCORPABSCDOCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_39700moodys/COP_39700htmlGlobal Credit Research Credit Opinion ## SEP #### Credit Opinion: Leighton Holdings Limited Leighton Holdings Limited Australia Ratings Category Moody's Rating Outlook Stable Issuer Rating Baa# Subordinate -Dom Curr Baa# Contacts Analyst...1/4/2008 2:19:00 AMhtmlLeighton Holdings LimitedLeighton Holdings Limited39700150.0000NewsCredit OpinionCOP_39700Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_143402_825050moodys/PR_143402_825050htmlAnnouncement11/1/2007 12:25:19 AMGlobal Credit Research Announcement ## OCT #### Announcement: Maeda Corporation Moody's publishes rating methodology for global construction sector Frankfurt, October ##, #### -- Moody's Investors Service today published its global...Maeda Corporation825050150.0000Newshtml820110501GS Engineering & Construction808736124Dycom Industries, Inc.732340Taisei Corporation600056924Fluor Corporation600055185Shaw Group Inc. (The)600054368Quanta Services, Inc.600052504Obrascon Huarte Lain S.A.600040387EMCOR Group, Inc.600036819Larsen & Toubro Limited600016987Foster Wheeler LLC600011168Lend Lease Corporation Limited573600Penta-Ocean Construction Co., Ltd.429700Kajima Corporation39700Leighton Holdings Limited127750MasTec, Inc.Dycom Industries, Inc.; EMCOR Group, Inc.; Fluor Corporation; Foster Wheeler LLC; ...PR_143402_825050Credit & Investment ResearchMoody's Global Credit Research