Solid market position in the telecommunication services markets with moderate barriers to entry Good position within the outsourced operations and maintenance (O&M) market with reasonable growth prospects Small scale and limited diversity compared with peers' Moderately strategic subsidiary to its parent CIMIC Group Ltd., which owns 50% of Ventia 50% ownership by a financial sponsor Moderately conservative financial policies Positive free cash flow generation and strong liquidity, with no debt maturities over the next 12 months The stable outlook reflects our view that Ventia Pty Ltd. will modestly increase its work-in-hand and improve productivity while maintaining its solid market position, particularly within the telecommunications sector. We also expect the company's lease-adjusted EBITDA margin will approach 10% over the next two
