Woodside has completed the institutional offer of the equity raising and has raised A$1.3 billion so far. In our view, the planned A$2.5 billion equity raising will improve the company's liquidity position, strengthen its balance sheet, and provide funds for future growth projects. The 'A-' ratings on Woodside are affirmed and removed from CreditWatch with negative implications; the outlook is negative. On Dec. 29, 2009, Standard&Poor's Ratings Services affirmed its 'A-' corporate credit and associated debt ratings on Woodside Petroleum Ltd. (Woodside) following the company's completion of its institutional offer, and the expectation that the remaining Royal Dutch Shell PLC (Shell, AA/Stable/A-1+) commitment of about A$400 million will be received together with the retail offer in mid-February 2010.
