Moody’s rates Woodside Finance program Baa1

Moody's Investors Service said it assigned a provisional Baa1 rating to Woodside Finance Ltd.’s global medium-term note program.

The outlook is stable.

The program will be guaranteed by Woodside Petroleum Ltd.

Any notes issued under the program will rank pari passu with all other senior unsecured debt issued by Woodside.

The provisional rating assigned is in line with Woodside Petroleum's existing Baa1 issuer rating and outlook.

Moody’s said the Baa1 rating reflects Woodside's large long-life hydrocarbon reserves and the higher earnings stability provided by its substantial North West Shelf, Pluto LNG and domestic gas operations, which have long-term off-take contracts primarily with investment-grade counterparties.

The rating also reflects Woodside's generally low cost operations, the agency said.

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