Overview Key strengths Key risks Leading market positions in Australia's infrastructure construction, engineering, maintenance services, and contract mining sectors. Credit metrics under pressure from the settlement of contingent liabilities, relative to our assessment of the stand-alone credit profile (SACP). Significant operating segment and project diversity. Exposure to the engineering and construction industry that has above-average cyclicality. Moderate earnings visibility from long-term contracts, high renewal rates, and solid project pipeline. Potential funding requirement from a potential put option exercise for 50% of Thiess Group Holdings Pty Ltd. from January 2024. The company, operating under a multi-brand structure, benefits from its leading position in Australia's construction, maintenance services, public private partnerships, and contract mining markets. The group is exposed to diverse end
