In Brief: US$13 million airport project announced in Mendi and other business stories

Welcome,

Papua New Guinea’s Prime Minister has announced a US$13 million airport in Mendi and Moody’s has changed the country’s issuer ratings from negative to stable. Your weekly digest of the latest business news.

PM insists Papua New Guinea economy strong despite critics

Welcome,

The Prime Minister Peter O’Neill has criticised external commentators for ‘bias’ when assessing the PNG economy. Speaking at the 34th Australia Papua New Guinea Business Forum in Brisbane, he expressed optimism about the proposed Papua LNG project but said the economy has to be diversified to avoid boom and bust cycles.

Moody’s puts a negative rating on Papua New Guinea’s sovereign debt

Welcome,

The ratings agency Moody’s has affirmed Papua New Guinea’s B2 rating, but downgraded it from ‘negative from stable’, citing higher government liquidity risks, increased gross borrowing requirements and limited funding sources. It points to a growing reliance on short-term debt.

Moody’s bullish on longer term future of Papua New Guinea economy

Welcome,

Moody’s recently downgraded its sovereign rating on Papua New Guinea to B2 from B1. But Christian de Guzman, a Senior Analyst in the Sovereign Risk Group for Moody’s Singapore tells Business Advantage PNG that the agency is ‘quite confident’ about the overall economy’s prospects over the medium-term.

In brief: Moody’s downgrades Papua New Guinea ratings because of balance of payments pressures, and other business stories

Welcome,

Moody’s downgrades Papua New Guinea ratings, National Broadband Network to be launched by year’s end, and warnings of a ‘crisis’ in the oil services industry. Your weekly digest of the latest business news.

In brief: Papua New Guinea’s Bank of South Pacific completes purchase of three Westpac Pacific operations, and other business news

Welcome,

Bank of South Pacific finalises purchase of Westpac’s Tonga, Samoa and Cook Islands banks; Special Economic Zone agreement in East Sepik and Santos reportedly buying into P’nyang gas field. Your weekly digest of the latest business news.

In brief: Port Moresby Chamber backs Northern Australia development for Papua New Guinea, and other business stories

Welcome,

Port Moresby Chamber applauds development of Northern Australia, Papua New Guinea well-placed on global LNG stage, and SP Brewery launches new brew. Your weekly digest of the latest business news.

In brief: Treasury to review 2015 Papua New Guinea Budget, and other business stories

Welcome,

Falling commodity prices and rating outlook drop prompts Budget review, O’Neill supports Madang marine zone and new police chief to boost numbers in Port Moresby. Your weekly digest of the latest business news.

In brief: Papua New Guinea’s rating outlook falls to negative with Moody’s downgrade, and other business stories

Welcome,

Moody’s lowers Papua New Guinea rating outlook, Australians banned from Bougainville, and PNG to commence free trade talks with China. Your weekly digest of the latest business news.

Return to democracy good for Fiji economic growth, say rating agencies

Welcome,

Last week’s elections in Fiji are ‘credit positive’, according to the Moody’s rating agency, after the leader of the 2006, Commodore Frank Bainimarama was sworn in this week as a democratically-elected prime minister.