MELBOURNE (Standard&Poor's) Oct. 29, 2003--Standard&Poor's Ratings Services today said it has assigned its 'BBB-' long-term rating to Leighton Holdings Ltd.'s (Leighton; BBB+/Stable/--) proposed issue of A$200 million of convertible unsecured subordinated resettable notes (Leighton notes). The rating on the proposed issue is subject to a satisfactory review of final issue documentation. The Leighton notes are subordinated and unsecured obligations of Leighton. The company will have the ability to defer coupon payments until the reset date, to take place five years from the issue date. However, if at the reset date monies are owed to other creditors, the nonpayment of the deferred coupons will not constitute a default. In the event of liquidation of Leighton, the notes
