MELBOURNE (Standard&Poor's) Dec. 5, 2012—Standard&Poor's Ratings Services said today that its rating and outlook on Woodside Petroleum Ltd. (BBB+/Stable/NR) remain unchanged following Woodside's announcement that it has reached an agreement in principle to acquire a participating interest in a potential liquid natural gas (LNG) development in Israel. Under the agreement, Woodside will acquire a 30% interest in the Leviathan field and will be the operator of any LNG development of the field. The agreement involves an initial upfront payment of US$696 million. Should the development proceed, Standard&Poor's will evaluate the size and timing of cash outflows for the project, political risk associated with operating in the Middle East, and whether the project coincides with
