We have revised our assessment of Woodside Petroleum Ltd.'s liquidity to strong from adequate, based on the level of undrawn committed bank facilities and minimal debt maturities in the next 24 months. As a result, we are affirming our 'BBB+' corporate credit and issue ratings on Woodside. The outlook remains negative, reflecting our expectation that our lower oil price assumptions will likely cause Woodside's key credit measures to remain outside our expectations for the 'BBB+' rating in fiscal 2016. On April 29, 2016, Standard&Poor's Ratings Services affirmed its 'BBB+' corporate credit rating on Woodside Petroleum Ltd. (Woodside) and the company's related debt issues and programs. The outlook remains negative. We continue to view Woodside's business risk profile as
