This report does not constitute a rating action. Overview Key strengths Key risks Established market positions in Australia's infrastructure construction, engineering, maintenance services, and contract mining sectors. Credit metrics pressure from exposure to legacy fixed-price major projects that weigh on our assessment of the stand-alone credit profile (SACP). Moderate earnings visibility from long-term contracts, high renewal rates, and solid project pipeline. Exposure to the cyclical engineering and construction industry. Transition to collaborative-style contracts provides greater margin certainty for the group's construction business, contrasting with the volatility of fixed-price contracts. Potential exposure to large working capital swings. Under our base, the company will likely deleverage over the next two years. Key to this forecast is the group's ability to improve its
