We consider Woodside's proposed underwritten A$2.5 billion equity raising will restore the company's financial profile in line with our expectations for the 'BBB+' rating. We view Woodside's proposed acquisition of Exxon Mobil's 50% stake in the Scarborough LNG project to be commensurate with the company's growth strategy to pursue lower cost brownfield expansion projects and use existing infrastructure. As a result, we have revised our outlook to stable from negative, to reflect the company's improved headroom and strengthened balance sheet upon successful raising. At the same time, we are affirming our 'BBB+' ratings on Woodside Petroleum Ltd. and its related debt. On Feb. 14, 2018, S&P Global Ratings revised its rating outlook to stable from negative on Australia-based oil and
