S&P Global Ratings on Feb. 26 revised Woodside Petroleum Ltd.'s outlook to "negative" from "credit watch negative," citing the Australian oil and gas explorer's limited financial capability in the face of uncertainty in the sector. The agency also shifted its industry risk assessment on the oil and gas sector to "moderately high" from "intermediate" as a global shift to renewables threatens to hit the profitability of fossil fuel producers, S&P said in a statement. However, it reaffirmed Woodside's long-term issuer credit rating of "BBB+" on hopes that the company's high exposure to LNG and low-cost assets could somewhat counter the risk, as Asia is expected to reduce its thermal coal dependence in its first step towards energy transition.