Weak business risk profile due to subdued market conditions and competitive trading environment Exposure to profitable production-based mining activities Ongoing cost reductions and active management of discretionary capital expenditure Risk of lower operating margins due to competitive industry conditions High volatility of cash flows The stable outlook reflects our expectation Ausdrill Ltd. will limit future loss of its contracts and maintain an adequate level of business activity. We expect Ausdrill will maintain its order book with profitable production-based contracts. A downgrade is likely to result from further weakening in Ausdrill's business risk profile. This could occur if there were further underperformance stemming from nonrenewal of expiring contracts, more closures of mines contracted to Ausdrill, or reduced business activity from existing
