Fitch affirms Woodside Petroleum

Fitch Ratings said it affirmed Woodside Petroleum Ltd.'s long-term foreign-currency issuer default rating at BBB+ with a stable outlook.

The agency also affirmed the senior unsecured rating of subsidiary, Woodside Finance Ltd., at BBB+.

Fitch said the affirmations reflect its view that the company's risk profile is well-placed for its BBB+ rating, with lower leverage due to improving cash flow and the March 2018 equity raise.

The company's risk profile, capital and financial policies help mitigate price volatility, however, limited diversification and small size limit the company to the BBB category, the agency added.

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