Leading market position in the growing infrastructure construction and contract mining sectors; Significant business, industry, project, and geographic diversity; Favorable operational track record, despite some problems on major projects; and Adequate financial profile, albeit weakening due to expected increase in lease obligations and higher debt. Exposure to the weaker credit profile of its major shareholder, Hochtief; Inherent exposure to the competitive and cyclical heavy engineering and construction industries; Performance risk related to mining contracts and large and complex infrastructure projects, which are generally contracted on a fixed-price and fixed-term basis. The ratings on Leighton Holdings Ltd. (Leighton or the company) reflect the company's: leading market position in Australia's infrastructure construction and contract mining sectors; significant business, industry, project, and geographic
