STANDARD & POOR’S PLACES CIMIC GROUP’S RATING ON...

STANDARD & POOR’S PLACES CIMIC GROUP’S RATING ON CREDITWATCH

CIMIC Group announced on 19 October 2020 that it has entered into an agreement with
funds advised by Elliott Advisors (UK) Ltd (“Elliott”) regarding the acquisition by Elliott of a
50% equity interest in Thiess, the world’s largest mining services provider. CIMIC advised
that the transaction values Thiess at A$4.3 billion (100% enterprise value) and will realise
cash proceeds of A$1.7 to A$1.9 billion to CIMIC upon completion.

As is common in large M&A transactions, Standard & Poor’s (S&P) is analysing the impact
of the transaction and has placed CIMIC’s 'BBB/A-2' credit rating on ‘CreditWatch negative’
in the meantime.

The S&P update (appended) states: “We aim to resolve the CreditWatch negative over the
next few months, when all key approvals for the proposed Thiess transaction are
received.”