On Feb. 23, 2009, Standard&Poor's Ratings Services affirmed the 'A-' long-term corporate credit rating on Australia-based oil and gas producer Woodside Petroleum Ltd. (Woodside). At the same time, we revised outlook on Woodside to negative from stable. The outlook revision reflects the increasing pressure on Woodside's financial profile from the severe decline in oil prices and ongoing funding requirements for development of the Pluto liquefied natural gas (LNG) project. The rating affirmation is underpinned by Woodside's proactive measures to maintain its solid financial profile, including providing flexibility regarding capital expenditures, the underwritten dividend reinvestment plan, and potential asset sales. Our expectation that Woodside's financial metrics will recover materially in 2011, even under our long-term oil price assumption of
