Moody's: No change for Leighton Holdings

Moody's Investors Service said that Leighton Holdings Ltd.'s credit profile is unlikely to face material pressure following developments in Dubai. The company has a Baa1 rating with a negative outlook.

Moody's said it downgraded the ratings of a number of government-related issuers linked to the Dubai government following a request by the government for a standstill on all financing of one of the issuers.

But Dubai-based projects makes up less than 5% of Leighton's total order book and are unlikely to cause a material financial impact in the event that work on these projects ceases, the agency said.

The Baa1 rating continues to reflect the company's strong position as the foremost engineering, mining, operations and building services contractor in Australia, Moody's said.

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