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 weakening due to static cash flow and rising debt Exposure to the weaker credit profile of major shareholder Hochtief Exposure to competitive and cyclical heavy engineering and construction industries Performance risks related to mining contracts, and large, complex infrastructure projects that are typically fixed-price and fixed-term contracts The ratings on Australian-based Leighton Holdings Ltd. reflect 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 reflects the weaker credit quality
