MELBOURNE (Standard&Poor's) Dec. 11, 2002--Standard&Poor's Ratings Services said today that Woodside Petroleum Ltd.'s (A-/Stable/A-2) decision to revise its accounting policy and adopt a successful efforts-based treatment for exploration, evaluation, and development expenditure will have no impact on its current credit ratings. As a result of the accounting change, Woodside's net gearing (net debt to net capital) is likely to increase by 4%-5%; however, it should remain within a moderately conservative mid-30% range. Woodside's strong earnings capacity should ensure that prudential ratios remain consistent with the credit rating.
