Woodside expects the final cost of its Pluto foundation project to be 6%–10% higher than the A$11.2 billion approved cost at the time of the final investment decision in July 2007. We are placing our long-term corporate credit and associated debt ratings on Woodside on CreditWatch with negative implications. We aim to resolve the CreditWatch placement within two weeks. On Nov. 20, 2009, Standard&Poor's Ratings Services placed its 'A-' long-term corporate credit and associated debt ratings on Australian-based Woodside Petroleum Ltd. (Woodside) on CreditWatch with negative implications. The CreditWatch placement primarily reflects our opinion of the increasing negative pressure on Woodside' financial risk profile, due to the additional capital costs and the potential commissioning risks of the company's
