A2 deal, page-14

Yeah except it seems woodside needed to shore up its balance sheet and it seems the bean counters aren't excited about a debt funded acquisition....

The stable outlook reflects our view that Woodside would maintain its FFO-to-debt ratio above 45% while the company pursues its growth opportunities over the next two to three years. We also expect Woodside to generate a discretionary cash flow-to-debt ratio of more than 15% over the period.

We could lower the rating if Woodside is unable to maintain FFO-to-debt above 45% over the next two years.
This could occur if:

• oil prices were sustained at levels lower than our base case and the company were unable to counter the effects through remedial actions;
• the company pursued a large debt-funded acquisition to the detriment of credit metrics;

www.newswit.com/.fin/2018-02-14/e81d5f5012617fc9c0b5c708597d50cd/
Cheers billdah