Sector, geographic, and project diversity; Established reputation; Strong balance sheet; Diversified and strong backlog of contract work; Positive prospects for the Australian infrastructure and mining sectors in the short-to-medium term; Prudent financial and operational policies. Inherent risks associated with construction projects; Mining contracts impose an element of performance risk; Possibility of Hochtief exercising adverse control over Leighton's operating strategy or financial policies. The rating on Leighton Holdings Ltd. reflects the company's established position as Australia's largest construction and contract-mining group; the sector, geographic, and project diversity of its operations across Australia and Asia; its prudent financial and operations policies; solid and large balance sheet, strong work-in-hand position; and positive prospects for the Australian operations. The rating, however, is constrained by
