The chairman of the BSP Group, Kostas Constantinou, has announced that Standard & Poors (S&P) has improved its assessment of BSP.
S&P, in its report released on November 1, 2012, indicated that it had revised its long-term issuer credit rating outlook for Bank of South Paciﬁc Ltd from negative to stable.
At the same time, it aﬃrmed its 'B+' long-term and "B" short term ratings outlook on the bank
The upgraded BSP assessment follows a review of PNG’s sovereign rating.
Following the general elections and the formation of a new government in August, S&P has noted an "improved political setting".
Constantinou said that BSP Group was encouraged by this positive re-assessment of the group’s credit rating.
“BSP is committed to maintaining its enhanced credit proﬁle, and its strong business position in PNG and across the Paciﬁc region,” he said.