Long-life gas reserves Low-cost operations Asset concentration to North West Shelf Venture (NWSV) and Pluto, albeit improving with the commissioning of Wheatstone LNG project Limited rating buffer because of weakness in credit metrics over the next 12 months Sound operational performance and positive free operating cash flow Strong liquidity The negative outlook on Woodside Petroleum Ltd. reflects our view that the company's peak investment spend will maintain its credit metrics at weak levels during the year ending Dec. 31, 2017. The current metrics leave very limited rating buffer for the company to absorb any external shocks or events. We expect the company's funds from operations (FFO)-to-debt ratio will remain less than 45% and would not approach the 45% level until
