S&P changes Woodside Petroleum view

S&P said it revised its outlook on Woodside Petroleum Ltd. to stable from negative and affirmed the BBB+ long-term corporate credit and issue ratings on the company and its related debt.

The agency said it believes Woodside's proposed underwritten A$2.5 billion equity raising will restore the company's financial profile in line with expectations for the BBB+ rating.

Additionally, S&P said it views Woodside's proposed acquisition of Exxon Mobil's 50% stake in the Scarborough LNG project to be commensurate with the company's growth strategy to pursue lower cost brownfield expansion projects and use existing infrastructure.

The outlook revision reflects the company's improved headroom and strengthened balance sheet upon successful raising, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.