MELBOURNE (Standard&Poor's) Jan. 29, 2008--Standard&Poor's Ratings Services today said that it had lowered its long-term corporate credit rating on Leighton Holdings Ltd. to 'BBB' from 'BBB+' because of the weak credit quality of Leighton's unrated German parent Hochtief AG. At the same time, the rating on Leighton's A$200 million convertible unsecured notes were lowered to 'BB+' from 'BBB-'. The outlook is stable. The 'BB' rating on Leighton Finance International Ltd. was unchanged. "The downgrade reflects the potential adverse influence that the parent could have on Leighton's credit quality in the event of significant financial stress at Hochtief," Standard&Poor's credit analyst Craig Parker said. "Although Standard&Poor's considers that Leighton's standalone credit quality remains
