By RACHNA LAL
Standard & Poors has maintained its assessment of Bank of the South Pacific (BSP) Group.
The chairman of the BSP Group, Kostas Constantinou made this announcement yesterday in a statement through the South Pacific Stock Exchange.
S&P, in its report released on July 31, 2013, indicated that it had reviewed its long-term issuer credit rating outlook for Bank of South Pacific Limited as stable.
At the same time, it affirmed its ‘B+’ long-term and ‘B’ short term ratings outlook on the bank.
The stable rating of BSP follows a full time analysis which covers a review of overall capital and earnings.
S&P noted that BSP has a strong business position.
Mr Constantinou said BSP Group is encouraged by this positive 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.
S&P added that BSP is on average less risky compared to other banks with similar industry ratings and its business operations are less vulnerable to adverse operating conditions.
The report acknowledges the change in leadership of BSP but pointed out that there will not be any significant change in its strategic direction.
It will consolidate its current position, remain focused on improving banking services and will continue to expand its business operations.