Research Update: Woodside Petroleum Ratings Remain On CreditWatch Negative, But Are Likely To Be Affirmed On Completion Of Equity Raising

Woodside announced plans for a fully underwritten entitlement offer to raise about A$2.5 billion. The ratings on Woodside remain on CreditWatch with negative implications. The 'A-' ratings on Woodside are likely to be affirmed, with a negative outlook, if the equity issuance is completed as planned. On Dec. 15, 2009, Standard&Poor's Ratings Services maintained its 'A-' corporate credit and associated debt ratings on Woodside Petroleum Ltd. on CreditWatch with negative implications. However, the 'A-' ratings on Woodside are likely to be affirmed, with a negative outlook, if the equity issuance is completed as planned. The ratings were initially placed on CreditWatch on Nov. 20, 2009 after Woodside announced additional costs to complete the company's Pluto foundation project. The

RESEARCH Research Update: Woodside Petroleum Ratings Remain On CreditWatch Negative, But Are Likely To Be Affirmed On Completion Of Equity Raising Publication date: 14-Dec-2009 Primary Credit Analyst: May Zhong, Melbourne (61) 3-9631-2164;...

Research Update