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| Moody’s gives PNG govt bond B1 rating | |
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MOODY’s has given Papua New
Guinea’s government bond rating a B1, with a stable near-term outlook
supported by the economic potential of the liquefied natural gas
project.. PetroleumNews.net reported on Monday that Moody’s Investor Service B1 government bond rating outlook remains stable and has identified the PNG LNG project as a stepping stone to greater economic development. The news service quoted Moody’s as saying that Oil Search is strategically looking to bolster its aging oil fields revenue with its role in the ExxonMobil led group to develop the LNG project, currently awaiting Government approval. “The project could greatly improve the prospects for economic development and PNG’s government bond rating,” Moody’s Sovereign Risk Unit vice-resident Steven Hess said. “More specifically, the US$10 billion (K29 billion) project, if developed, could begin exports by 2014, thereby contributing to higher gross domestic product growth and government revenues, as well as assuring stronger balance of payment and external financial positions,” Mr Hess said. He said for the short-term, the prospects for PNG look very good despite some expected slowdown in global growth. |
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