Fitch affirms Woodside Petroleum

Fitch Ratings said it affirmed Woodside Petroleum Ltd.'s long-term foreign-currency issuer default rating and senior unsecured ratings at BBB+, along with its short-term issuer default rating at F2.

The outlook is stable.

Woodside's business continues to be underpinned by its legacy assets in the North West Shelf, despite its significant growth opportunities in the liquefied natural gas sector, Fitch said.

The rating also is underpinned by a long reserve life and other operational metrics, which are better than might be expected of an upstream company of a similar size, the agency said.

Because of the number and size of competing projects, Fitch said it believes the industry will be subject to upward pressure on capital costs and possible project deferrals.

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