Woodside's Pluto liquefied natural gas (LNG) plant has generated strong cash flows, improving its credit metrics. As a result, we have revised the outlook on the 'BBB+' rating to positive on our expectation that there is a one-in-three chance that the company can sustain its strong credit metrics at a level that is consistent with a higher rating. An upgrade could occur if Woodside develops a track record of managing its financial profile consistent with an 'A-' rating. At the same time, we have affirmed the long-term rating on the company. On June 25, 2013, Standard&Poor's Ratings Services revised the outlook on its 'BBB+' rating on Australian oil and gas company Woodside Petroleum Ltd. to positive from stable.
