Failed Mutiny in PNG Adds Risk, S&P Warns; InterOil (IOC) Ticks Lower
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InterOil (NYSE: IOC) is a little weaker Friday as the failed mutiny in Papua New Guinea is still having financial implications for the country which the company calls home for its wells.
Standard & Poor's revised the credit outlook on Papua New Guinea to negative Friday, saying political settings in the country have weakened following this week's events.
"We would lower the ratings if the political friction remains unresolved, leading to a loss of donor support and investment required to diversify the economy and buttress PNG's government finances and external position," the firm said.
Shares of IOC last traded at $66.10, down 0.7 percent.
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Standard & Poor's revised the credit outlook on Papua New Guinea to negative Friday, saying political settings in the country have weakened following this week's events.
"We would lower the ratings if the political friction remains unresolved, leading to a loss of donor support and investment required to diversify the economy and buttress PNG's government finances and external position," the firm said.
Shares of IOC last traded at $66.10, down 0.7 percent.
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