On Nov. 3, 2003, Standard&Poor's Ratings Services assigned its 'A-' rating to Woodside Finance Ltd.'s (Woodside Finance) US$250 million notes due 2013. The notes are jointly guaranteed by Woodside Petroleum Ltd. (Woodside; A-/Stable/A-2) and Woodside Energy Ltd. (not rated). The outlook is stable. The notes will be senior unsecured obligations and will rank equally with all of Woodside Finance's senior unsecured debt. The notes will be used to repay Woodside's shorter-term bank loan facilities, provide additional funding diversification, and strengthen the company's liquidity position. The ratings on Woodside reflect cost-competitive operations, strong cash flow generation from existing liquefied natural gas (LNG) and oil projects, a successful reserve-replacement strategy, commencement of the first international production from Ohanet in Algeria,
