Moody's places Woodside USD700m notes on investment ground

4 November 2009 AcaeaEURoe Moody's has given an investment status to the USD700m (EUR474m) 144A Notes of Woodside Finance Ltd, a fully-controlled unit of Australian hydrocarbon company Woodside Petroleum Ltd (ASX:WPL).

Specifically, the agency rated the issue at long-term Baa1, which implies "moderate credit risk" and possibility of speculative elements. The rating is unlikely to change over the medium term as reflected in its "stable" outlook.

The notes carry a fixed 4.50% coupon and mature on 10 November 2014. They benefit from a guarantee provided by the parent and its wholly-owned subsidiary Woodside Energy Ltd.

The instrument is aimed at paying off short-term debt. Besides, the amount raised through it will go for general corporate purposes, including capital spending.

Comments on this story may be sent to admin@m2.com

Related terms: australia, corporate, debt, energy, finance, investment