S&P gives BBB+ to Woodside Petroleum notes

S&P said it assigned its BBB+ issue rating to Woodside Petroleum Ltd.'s (BBB+/stable) $1.5 billion Rule 144A 10-year notes.

“We expect the company to use the proceeds from this issuance to fund the upcoming phase of its growth program. Woodside has only modest amounts of debt maturing in the medium term,” S&P said in a news release.

“We equalize the issue rating with the issuer credit rating to reflect the unsecured nature of the issuance. Our issuer credit rating on Woodside reflects the company's long-life gas reserves, low-cost operations, positive free cash flow generation, and strong liquidity.”

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