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Papua New Guinea 'B+' FC Rating Affirmed And LC Rating Lowered To 'B+' On Revised Methodology; Outlook Stable Aug 11
Standard & Poors, August 2011
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)
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Papua New Guinea (Independent State of)