Leighton Holdings Ltd.'s rating reflects the company's established position as Australia's largest construction and contract-mining group; sectoral, geographic, and project diversity across Australia and Asia; and prudent financial policies appropriate for a company with contract-risk exposures. Leighton has diversified interests in engineering and building construction, contract mining, environmental services, and operation and maintenance of infrastructure and facilities. The company is likely to cease, for the moment, its interests in telecommunication services, after Nextgen Networks was placed in receivership on June 19, 2003. Although Leighton's A$92 million equity investment in Nextgen (20% of total equity) had already been written off in fiscal 2002, Leighton will still provide an additional A$58 million in subordinated debt, which will be written off in fiscal
