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Rating Action:
Moody's assigns B2 rating to Papua New Guinea's proposed senior unsecured notes
04 Sep 2018
Singapore, September 04, 2018 -- Moody's Investors Service ("Moody's") has today assigned a B2 rating to the Government of Papua New Guinea's proposed senior unsecured US dollar-denominated notes.
The rating is based on the preliminary offering memorandum received on 24 August, 2018.
The notes will rank pari passu with the Government of Papua New Guinea's current and future senior unsecured external debt. The B2 rating assigned to the notes mirrors the Government of Papua New Guinea's issuer rating of B2.
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 2018.