Moody's: Equity boost for Woodside Petroleum

Moody's Investors Service said that Woodside Petroleum Ltd.'s A$2.5 billion fully underwritten equity raising will increase liquidity and assist with the further development costs of major projects.

The new equity will be used to strengthen its balance sheet, the agency said.

The company has a rating of Baa1 and a negative outlook.

The additional $2.5 billion in equity is clearly a beneficial development for Woodside's credit profile, as it would cover potential cost over-run on the Pluto LNG project, Moody's said, as well as assist with the continued substantial capital expenditure and liquidity demands arising from the company's other large projects, including possible extensions to Pluto.

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