On Feb. 9, 2005, Standard&Poor's Ratings Services affirmed its 'BBB+' long term corporate credit rating on Leighton Holdings Ltd, its 'BBB+' rating on the company's A$152 million bank loan, and the 'BBB-' rating on Leighton's A$200 million subordinated and deferrable hybrid securities. The outlook was revised to negative from stable because of a weakening in credit quality at parent company Hochtief AG and concerns that Hochtief might seek to influence financial or operational policies at Leighton. The rating on Leighton Holdings Ltd. reflects the company's strong stand-alone business position, as Australia's largest construction and contract-mining group; its sector, geographic, and project diversity across Australia and Asia; its consistent operating performance; its strong order book, supported by a robust
