We consider that there remains limited separation between Leighton and its parent Hochtief AG, based on Hochtief's public statements that it will keep existing governance arrangements and that it will not seek to exercise its rights to a majority representation on the Leighton board. We have also considered the lower credit quality of Grupo ACS, Hochtief's ultimate controlling shareholder, in our ratings assessment of Leighton. As a result, we have affirmed the 'BBB-' long- and 'A-3' short-term ratings on Leighton with a stable outlook. At the same time, we have removed the ratings from CreditWatch with negative implications, where they were placed on March 22, 2013. On June 7, 2013, Standard&Poor's Ratings Services affirmed its 'BBB-/A-3' ratings on
