Woodside has announced another cost overrun and a delay for the completion of its Pluto project. We have affirmed the 'BBB+' long-term ratings on Woodside. We have revised the outlook on the ratings to negative from stable. On June 21, 2011, Standard&Poor's Ratings Services affirmed its 'BBB+' long-term corporate credit and senior-unsecured debt ratings on Australian-based oil and gas producer Woodside Petroleum Ltd. (Woodside). The outlook was revised to negative from stable. This rating action follows Woodside's announcement of a six-month delay and higher costs for its Pluto Foundation project. The revised first liquefied natural gas (LNG) cargo from this project is now scheduled for March 2012, while the revised cost estimate to complete the project is A$14.9
