MELBOURNE -- Standard&Poor's CreditWire 4/22/98 -- Standard&Poor's assigned its triple-'B'-plus long-term rating to Woodside Finance Ltd.'s US$250 million notes issue due 2008, reflecting the guarantee from its parent, Woodside Petroleum Ltd. (Woodside, triple-'B'-plus/Stable/—). Woodside's rating reflects its cost-competitive operations, strong and predictable cash flows from long-term domestic gas (domgas) and liquefied natural gas (LNG) contracts, and long reserve life of its fields. These strengths are offset by the company's limited diversity, and vulnerability to oil prices and currency movements. The strengthening of Woodside's business position in the past two years should underpin a strong and consistent operating performance in the medium term. This strengthening primarily reflects expansion of the company's LNG and domgas contracts, lifting these
