Woodside Petroleum Ltd.'s Pluto foundation project is being commissioned, and we expect it to ramp up to a steady state of production in 2013 without major operational issues. If the company were to embark on another large-scale capital project, we expect it to adopt a disciplined approach to the project's funding and pace of development. As such, we have affirmed the 'BBB+' corporate credit rating and associated senior unsecured debt ratings on Woodside. We have also revised the rating outlook to stable from negative. On June 19, 2012, Standard&Poor's Ratings Services affirmed its 'BBB+' corporate credit rating and senior unsecured debt ratings on Australia-based oil and gas company Woodside Petroleum Ltd. At the same time, we have revised
