Leading market position in the growing infrastructure construction and contract mining sectors Significant business, industry, project, and geographic diversity Favorable operating track record Intermediate financial risk profile, albeit weakened due to debt increasing in late 2007 Exposure to the weaker credit profile of its major shareholder, Hochtief Competitive and cyclical heavy engineering and construction industries Performance risk related to mining contracts and large, complex infrastructure projects, which are generally contracted on a fixed-price and fixed-term basis The 'BBB' long-term corporate credit rating on Leighton Holdings Ltd. (Leighton) reflects the company's: leading market position in Australia's infrastructure construction and contract mining sectors; significant business, industry, project, and geographic diversity; favorable operational track record; and intermediate financial risk profile. The rating also
