Fitch ups Papua New Guinea to B+

Fitch Ratings said it upgraded Papua New Guinea's long-term foreign-currency issuer default rating and its country ceiling to B+ from B, and affirmed its long-term local-currency issuer default rating at B+ and short-term foreign-currency issuer default rating at B.

The outlook is stable.

The upgrades recognizes, in part, the country's establishment of relative political and institutional stability for the sixth successive year and the progress the government has made in managing public finances, Fitch said.

Sound economic policies and electoral and structural reforms have set the stage for a relatively stable political environment and facilitated stronger, uninterrupted macroeconomic recovery in Papua New Guinea, the agency said.

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