Leighton Holdings Limited (ASX:LEI) has shrugged off a downgrade from credit rating agency Moody’s, advising it will not impact its existing credit facilities.
Moody’s has lowered the property developer’s credit rating to Baa2 stable outlook from Baa1 negative outlook.
Last week Leighton said it was on track to deliver an after tax profit of up to $650 million in the 2012 financial year.
Leighton also expects to generate a first half operating profit of $250 million, excluding a $163 million after-tax capital gain from the recent sale of its HWE Iron Ore business to BHP Billiton Limited (ASX:BHP).
In the 2011 financial year Leighton Holdings swung from a profit to a net loss of $406 million.
BHP Price at posting:
$38.39 Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)