S&P cuts Bank Danamon view to stable

Standard & Poor's said it revised its outlook on the foreign currency ratings on PT Bank Danamon Indonesia Tbk. (foreign currency B+/stable/B, local currency BB-/stable/B) to stable from positive.

At the same time, the ratings on Bank Danamon have been affirmed.

This comes after S&P revised its outlook on Indonesia (foreign currency B+/stable/B, local currency BB/stable/B) to stable from positive, the agency said, noting the outlook change on the sovereign reflects increasing concern over the apparent inability and unwillingness of the Indonesian authorities to address the underlying structural causes behind the rupiah's recent rapid depreciation.

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