Strong market position, as the largest construction and contract-mining company in Australia. Significant business segment, project, and geographic diversity. Robust financial position. Strong and diversified backlog. Prudent financial policies. Potential risk exposure to the weaker credit profile of its major shareholder Hochtief. Inherent exposure to the competitive and cyclical heavy engineering and construction (E&C) business. Performance risk related to mining contracts. The ratings on Leighton Holdings Ltd. reflects the company's strong stand-alone business position, as Australia's largest construction and contract-mining group; its sector, geographic, and project diversity across Australia and Asia; its consistent operating performance; its strong order book, supported by a robust financial profile; and the positive prospects for the Australian engineering and construction (E&C) sector. The ratings are,
