Leading market position in Australia's infrastructure construction and contract mining sectors Significant business, industry, project, and geographic diversity Inherent exposure to the competitive and cyclical-heavy engineering and construction (E&C) sectors Financial policy supportive of a modest financial risk profile Volatile cash flow tied to successful delivery of profitable projects The stable outlook reflects our expectation that Leighton Holdings Ltd. will adhere to its conservative financial policy and that this will not limit the group's ability to grow its business and successfully execute on its current strategy. We expect that the company's funds from operations (FFO)-to-debt will be maintained at more than 45% through the economic cycle. Although the group credit profile (GCP) is 'bb+' (based on our credit estimate), we
