MELBOURNE (Standard&Poor's) Feb. 23, 2009--Standard&Poor's Ratings Services said today that it affirmed the 'A-' long-term corporate credit rating on Australia-based oil and gas producer Woodside Petroleum Ltd. (Woodside). At the same time, we revised the outlook on Woodside to negative from stable. "The outlook revision reflects the increasing pressure on Woodside's financial profile from the severe decline in oil prices and ongoing funding requirements for development of the Pluto liquefied natural gas project," said Standard&Poor's credit analyst May Zhong. The rating affirmation is underpinned by Woodside's proactive measures to maintain its solid financial profile, including providing flexibility regarding capital expenditures, the underwritten dividend reinvestment plan, and potential asset sales. Our expectation that Woodside's financial
