The 'BBB+' long-term corporate credit rating on Leighton Holdings Ltd. (Leighton) reflects the company's: leading market position in Australia's infrastructure construction and contract mining sectors; significant business, industry, project, and geographic diversity; favorable operational track record; and an intermediate financial risk profile. The rating also reflects the company's inherent exposure to the competitive and cyclical heavy engineering and construction (E&C) sectors; and the performance risks related to mining contracts and large and complex E&C projects. In addition, Leighton's rating cannot be considered in isolation from the weaker credit profile of its major shareholder, Germany-based Hochtief AG (not rated) and the potential influence this parent could exert on Leighton's financial policies. Leighton's significant market presence and operational diversity supports the company's
