On Jan. 22, 2016, we conducted a review of the Australian exploration and production (E&P) companies following our revision of the oil price assumptions that are used in our base-case scenario. The lower price assumptions are likely to cause Woodside's key credit measures to fall outside our expectations for the 'BBB+' rating in fiscal 2016. Accordingly, we have revised the outlook on the long-term rating to negative from stable, reflecting expected pressure on the group's financial risk profile. At the same time, we affirmed the 'BBB+' rating on the company. On Jan. 22, 2016, Standard&Poor's Ratings Services revised its rating outlook on Woodside Petroleum Ltd. (Woodside) to negative from stable. At the same time, we affirmed the 'BBB+'
