Leading market position in Australia's growing infrastructure construction and contract mining sectors Significant business, industry, project, and geographic diversity Intermediate financial risk profile Unrated parent, Hochtief AG Inherent exposure to the competitive and cyclical-heavy engineering and construction (E&C) sectors Performance risks related to mining contracts and large complex E&C projects The ratings on Leighton Holdings Ltd. reflect our opinion of the company's following strengths: 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. Moderating the rating strengths are the unrated parent, Hochtief AG; Leighton's inherent exposure to the competitive and cyclical-heavy engineering and construction (E&C) sectors; and the performance risks related to mining contracts and
