MELBOURNE -- Standard&Poor's CreditWire 9/23/96 -- Standard&Poor's today has affirmed its triple-`B' long-term rating of Leighton Holdings Ltd. (Leighton), and has revised the rating outlook to positive from stable. Leighton's rating reflects its position as Australia's largest construction and contract mining group benefiting from the spread of operating risk across many projects in Australia and Asia, offset by exposure to cyclical and intensely competitive sectors exhibiting low margins. The cyclicality of Leighton's operations in the building and property development sectors is mitigated somewhat by exposure to the less volatile civil engineering and contract mining sectors of the Australian, and several Asian, economies. Leighton, operating in competitive markets where margins are low, generates relatively stable operating cash
