Woodside has announced a six-month delay to the start-up date for its Pluto project, as well as higher costs to complete the project. We have lowered the long-term rating on Woodside by one notch to 'BBB+'. We have assigned a stable outlook. On Dec. 3, 2010, Standard&Poor's Ratings Services lowered its corporate credit and associated debt ratings on Australian-based oil and gas producer Woodside Petroleum Ltd. (Woodside) to 'BBB+' from 'A-'. The outlook is stable. The downgrade follows Woodside's announcement of a further delay and higher costs for its Pluto Foundation project. The revised start-up date of August 2011 is about six months later than the previous target, while the revised cost estimate to complete the project is
