S&P lowers Woodside view to negative

Standard & Poor's said it revised the outlook on Woodside Petroleum Ltd. to negative from stable.

The agency also said it affirmed the BBB+ long-term rating on the company and its related debt issues and programs.

The outlook revision reflects a view that in the next one- to two-years, Woodside's financial performance will be pressured beyond tolerance for the BBB+ rating because of the current low spot oil price, S&P said.

Nevertheless, if current oil prices remain depressed, the agency said it expects Woodside will retain cash in the business to stem the deterioration in its credit metrics, the agency said.

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