Moody's lifts Woodside outlook

Moody's Investors Service said it affirmed the Baa1 rating on Woodside Petroleum Ltd. and changed the outlook to stable from negative.

"The ratings affirmation and stable outlook reflects Woodside's successful completion of the Pluto project, which is now producing liquefied natural gas" said Matthew Moore, a Moody's analyst.

"As Pluto begins to ramp-up to full production, the company will experience a step-change in cash flow and earnings generation which will support a material strengthening in the company's financial profile. Proceeds from the recently announced partial sell-down of Browse, depending upon final deployment, is also potentially supportive of the rating," Moore said.

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