Woodside Petroleum saw the outlook on its 'A-' long-term credit rating from Standard & Poor's amended to negative from stable just as it was about to launch its benchmark bond issue in the US s144A market. Reports on the issue suggest this was a factor in the wider than expected credit margins Woodside had to pay to get the issue away. S&P said it amended the outlook because of the challenges Woodside faces in maintaining key financial metrics supportive of the 'A-' rating, amid low oil prices and large planned investment in Pluto in 2009. The rating could be lowered if the company failed to react to pressures which might emerge from a worsening oil price environment or commissioning problems at Pluto, or if there are further funding gaps for Pluto's development.The third rescue package for Citigroup, announced Friday night our time, prompted a response from the three main rating agencies. Moody's Investor Service lowered the senior debt rating assigned to Citigroup to 'A3' from 'A2' and the bank deposit rating assigned to Citibank was lowered to 'A1' from 'Aa3'. Both ratings have a stable outlook. Moody's said it expects that Citigroup will emerge from the current economic crisis with a different mix of core businesses and a smaller scale which could diminish its importance to the US banking system.S&P revised the outlook on its 'A/A-1' and 'A+/A-1' long and short ratings assigned to Citigroup and Citibank respectively, to negative. The outlook revision is due to concerns that debtholders could be required to participate in further government-led restructurings.Fitch Ratings affirmed its 'A+/Stable/F1+' long and short term issuer default ratings on Citigroup and Citibank, noting that the rescue package should provide needed stability and support.Moody's has placed its 'Aaa' rating on Queensland on review for possible downgrade as a result of the state's deteriorating financial performance and uncertainty over the government's policy response. Moody's review will focus on the state's medium-term strategy to manage its budgetary pressures and the resulting deterioration in debt metrics, while pursuing efforts to stimulate economic activity. The review should take three months to conclude. S&P downgraded Queensland to 'AA+' the week before last.New Zealand's Equitable Mortgages Ltd., and Equitable Life Insurance Co. Ltd., had their long term credit ratings from S&P lowered to 'BB' from 'BB+' and left with a negative outlook. S&P said the group's credit profile has been weakened by the greater than expected and material deterioration in asset quality that has occurred over recent months. The negative outlook reflects the pressure on the group's financial profile given unfavourable economic conditions.SLM Corp has $1.6 billion of bonds on issue in the domestic market with maturities ranging from May this year ($600 million) to December 2011. Moody's has placed its 'Baa2/P2' long and short term debt ratings on review for possible downgrade. The review is in response to changes announced in the US budget to various Federal funding programs, which creates uncertainty over SLM's business plan going forward. SLM faces a significant debt maturity schedule