BSP credit rating up

STANDARD & Poors has improved its assessment of Bank South Pacific.
This was announced by BSP Group chairman Kostas Constantinou.
In a recent report, S&P indicated that it had revised its long-term issuer credit rating outlook for Bank South Pacific Ltd from negative to stable. At the same time, it affirmed its “B+” long-term and “B” short-term ratings outlook on the Bank.
The upgraded BSP assessment follows a review of PNG’s sovereign rating.
Following the general elections and the formation of a new Government in August, S&P has noted an “improved political setting”.
Constantinou said that BSP Group was encouraged by this positive re-assessment of its credit rating.
The bank is committed to maintaining its enhanced credit profile and its strong business position in PNG and across the Pacific region, he said.