S&P affirms Papua New Guinea

Standard & Poor's said it affirmed its B/B foreign currency ratings and B+/B local currency ratings on the Independent State of Papua New Guinea.

The outlook is stable.

The ratings on the sovereign reflect the vulnerabilities inherent in a small, under-developed, commodity-based, and low-income economy, the agency said, noting that political instability, security risks, and the absence of established deep administrative institutions exacerbate these structural weaknesses.

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