Moody's cuts Leighton

Moody's Investors Service said it lowered the issuer rating of Leighton Holdings Ltd. to Baa2 from Baa1.

The outlook is stable.

"The downgrade follows Leighton's announcement of an additional charge of A$192 million in respect of the Victorian Desalination Project," Maurice O'Connell, a Moody's vice president and senior analyst, said in a news release.

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