PNGBLOGS

by MOODYS CREDIT RATING Moody's places PNG's B1 government ratings on review for downgrade Global Credit Research - 25 Feb 2016 Moody's Investors Service ("Moody's") has placed the Government of Papua New Guinea's ("PNG") B1 local currency and foreign currency issuer ratings on review for downgrade. The review for downgrade is driven by: 1. The impact of the further fall in oil prices on government revenue, fiscal deficits and rising debt; and 2. A likely structural shift to lower economic growth given the increasingly uncertain outlook for commodity-related investments. RATINGS RATIONALE RATIONALE FOR THE REVIEW FOR DOWNGRADE FIRST DRIVER - DETERIORATING FISCAL AND DEBT METRICS Lower oil prices and weather-related disruption to gold production led to weaker-than-expected revenue in 2015, and we expect pressures on revenue to continue through 2016. Although expenditure cuts in 2016 have been announced in respons

by MICHAEL JOSEPH PASSINGAN Peter O’Neill remains the King of Lies. The Prince of Lies is his teaboy Isaac Lupari. Data released this month by the Bank of Papua New Guinea shows their statements about the price PNG receives for its LNG are completely untrue. Compare these statements with the truth as revealed by the central bank in the accompanying graph: "The drop in the oil price will not affect LNG revenues as we have forward contracts in place that are set at fixed pricing formula" - Peter O’Neill, January, 2015.” “[Polye claims] that Papua New Guinea will receive substantially less income from LNG sales and this is simply not true. PNG LNG exports and prices are predominantly locked into long-term forward sales contracts. In simple terms this means that PNG will receive the same price for LNG.” Isaac Lupari, December 2014. O’Neill and Lupari have told so many lies they no longer know what truth is. Their constant lying brings the Office of the Prime Mini