Singapore, March 27, 2013 -- Moody's Investors Service has today adjusted the local currency (LC) bond and deposit ceilings for Papua New Guinea....
Moody's decision to adjust the LC country ceilings for Papua New Guinea is based on the rating agency's judgment of risks inherent in the country's operating environment.
In particular, the LOWER LC ceilings reflect: 1) low economic strength that balances robust economic performance in recent years against poor diversification and low GDP per capita as compared to similarly-rated peers; 2) very low institutional strength that reflects relatively poor outcomes in third-party assessments of the quality of governance and despite an improving track record in fiscal and monetary management; and 3) a low susceptibility to event risk that incorporates the country's relative immunity from external financial shocks along with the inherent volatility of its political culture.".............
Sentiment: Strong Sell
Why don't you ask EXXON if they care what the rating is right now? Moody's also said the USA was in great shape in 2006, 2007, 2008 and look what happened to the housing market? Nice try. MEAN NOTHING, Just like you.
Sentiment: Strong Buy