MELBOURNE (Standard&Poor's CreditWire) April 26, 2001--Standard&Poor's today raised its long-term rating on Woodside Petroleum Ltd. and guaranteed debt issues to single-'A'-minus from triple-'B'-plus and, at the same time, affirmed the company's 'A-2' short-term rating. The ratings are removed from CreditWatch with positive implications, where they were placed following the initial takeover announcement by the Shell group in May 2000. The Shell bid failed to receive approval from the Australian government's Foreign Investment Review Board on April 23, 2001. The rating outlook on Woodside is stable. The rating upgrade on Woodside reflects its improved business profile, its cost-competitive operations, predictable cash flows from long-term domestic gas and liquefied natural gas (LNG) contracts, strong cash flows from new
