MELBOURNE (Standard&Poor's CreditWire) July 27, 2001--Standard&Poor's today assigned its single-'A'-minus long-term issue rating to Woodside Finances Ltd.'s US$300 million 144A bond issue due 2011. The issue is guaranteed by Woodside Petroleum Ltd. (Woodside, single-'A'-minus/Stable/'A-2') and Woodside Energy Ltd. (not rated), and ranks equally with all other unsecured and unsubordinated indebtedness of Woodside Finance Ltd. The ratings on Woodside reflect its improved business profile, cost-competitive operations, predictable cash flows from long-term domestic gas and liquefied natural gas (LNG) contracts, strong cash flows from new oil projects, and its long reserve life. These strengths are marginally offset by the company's limited geographic diversity, and vulnerability to oil price and currency movements. The strengthening of Woodside's business position reflects
