24 Dec 2004

PNG rating upgraded

3:40 pm on 24 December 2004

The ratings agency, Standard & Poor's, says it's changed Papua New Guinea's rating from stable to positive.

It says the country's long-term local currency rating is affirmed at B-plus, and the foreign currency long-term rating is at B.

The agency says the revision reflects improvements in PNG's performance on the back of higher commodity prices and the prospect of further improvement with assistance from Australia.

Nevertheless, the ratings on PNG are constrained by the economic vulnerabilities inherent in a small, undeveloped, commodity-based, and low-income economy.