Sectoral, geographic, and project diversity across Australia and Asia; Established reputation of successfully tendering and managing projects on time and on budget; and Strong and diversified backlog of contract work enabling the company to maintain an above-average earnings profile. Possibility of Hochitef being sold by RWE, which subsequently would hurt Hochtief's, and possibly Leighton's credit quality; Potential for Hochtief to exercise adverse control on Leighton's operating strategy or financial policies. However, to date there is no evidence of this occurring; and All mining contracts impose an element of performance risk, and Leighton is exposed to potential cost overruns on mined volumes and contracting rates. Leighton Holdings Ltd.'s (Leighton) rating reflects its established position as Australia's largest construction and contract mining
