MELBOURNE (Standard&Poor's) June 19, 2012—Standard&Poor's Ratings Services said today that it had affirmed its 'BBB+' corporate credit rating and senior unsecured debt ratings on Australia-based oil and gas company Woodside Petroleum Ltd. At the same time, we have revised the rating outlook to stable from negative. The outlook revision follows the commissioning of Woodside's Pluto foundation project and commencement of the delivery of liquefied natural gas (LNG) to customers. "The stable outlook anticipates that the Pluto foundation project will achieve a steady state of production in 2013 without any major operational issues," Standard&Poor's credit analyst May Zhong said. "We expect production from the Pluto project and lower capital expenditure will improve the company's cash
