April 29, 2020 / 4:15 AM / a month ago

BRIEF-S&P Says Papua New Guinea Ratings Lowered To 'B-/B' As Covid-19 Pressures Metrics Outlook Stable

April 29 (Reuters) -

* S&P - PAPUA NEW GUINEA RATINGS LOWERED TO ‘B-/B’ AS COVID-19 PRESSURES METRICS; OUTLOOK STABLE

* S&P - WE EXPECT THE COVID-19 PANDEMIC TO FURTHER WEAKEN PNG’S ECONOMIC GROWTH PROSPECTS AND FISCAL METRICS.

* S&P - INCREASING DEBT LEVELS AND LIMITED FISCAL MANEUVERABILITY LEAVE PNG VULNERABLE TO A VOLATILE GLOBAL BACKDROP

* S&P - STABLE OUTLOOK ON PNG REFLECTS OUR VIEW THAT ECONOMIC GROWTH AND FISCAL DEFICITS WILL REMAIN UNDER PRESSURE IN THE NEXT 12-18 MONTHS

* S&P - SOVEREIGN RATINGS ON PNG REFLECT STRUCTURAL CONSTRAINTS INHERENT IN LOW-INCOME ECONOMY DEPENDENT ON MINING INDUSTRY, SERVED BY WEAK INSTITUTIONS

* S&P - ARE FORECASTING REAL GDP OF PNG TO SLUMP TO -0.2% IN 2020. Source text : [ID:bit.ly/2VKMYdI] Further company coverage: [ ]

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