Leading market position in the growing infrastructure construction and contract mining sectors Significant business, industry, project, and geographic diversity Intermediate financial risk profile 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 our opinion of the company's leading market position in Australia's growing infrastructure construction and contract mining sectors; significant business, industry, project, and geographic diversity; and intermediate financial risk profile. The rating also reflects the weaker credit quality of Leighton's parent, Hochtief AG (not rated); an inherent exposure to the competitive and
