Construction giant Leighton Holdings says a credit rating downgrade by Moody’s will not impact on its existing credit facilities.

Moody’s Investors Service lowered the credit crating of Leighton to reflect uncertainty surrounding the performance of its desalination project in Victoria.

The credit rating was downgraded to Baa2, from Baa1 previously, on Friday.

Moody’s also said Leighton’s outlook was stable, reflecting the ratings agency’s view that the company should maintain a solid business growth profile, with work-in-hand of about $44 billion at the end of last month.

“Leighton can confirm that Moody’s latest rating change will not impact existing credit facilities,” the company said in a statement on Monday.