Moody’s gives Papua New Guinea notes B2

Moody's Investors Service said it assigned a B2 rating to Papua New Guinea's proposed senior unsecured dollar-denominated notes.

The notes will rank pari passu with Papua New Guinea's current and future senior unsecured external debt, the agency said.

The B2 rating assigned to the notes mirrors Papua New Guinea's issuer rating of B2, Moody’s said.

The proceeds of the notes are intended to primarily serve to refinance existing short-term domestic debt and finance government spending on infrastructure and development projects and operational expenses for the APEC Summit in November.

Papua New Guinea's B2 issuer rating balances pressures on government and external liquidity, against prospects for high GDP growth in the medium term as investment in its natural resources wealth is realized, Moody’s said.

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