Papua New Guinea 'B+' FC Rating Affirmed And LC Rating Lowered To 'B+' On Revised Methodology; Outlook Stable Aug 11
Standard & Poors, August 2011
Abstract
MELBOURNE (Standard & Poor's) Aug. 22, 2011--Standard & Poor's Ratings Services said today that it had affirmed the foreign currency long-term rating on Papua New Guinea (PNG) at 'B+' and its short-term ratings at 'B', and lowered its local currency long-term sovereign credit rating to 'B+' from 'BB-'. The long term rating outlook is stable and the Transfer & Convertibility (T&C) assessment remains 'BB'. Constraining the ratings on PNG is our opinion of the vulnerabilities associated with the country's high minerals-sector dependence, combined with its fragmented political structure, public policy development, and service delivery. In addition, there is a lack of transparency in the activities of statutory authorities, trust accounts, and other government-owned or government-controlled entities contributing to PNG's off-balance-sheet...
Companies mentioned in this report are: Papua New Guinea (Independent State of)
Action: Affirmed
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
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Papua New Guinea (Independent State of)
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