Moody's assigns Baa2 to Indonesia bonds

Moody's Investors Service said it assigned Baa2 ratings to the senior unsecured U.S. dollar and euro notes to be issued by the government of Indonesia. These bonds will be issued under the government of Indonesia's $10 billion shelf program. The issuances have maturities up to 40 years.

The rating reflects the government’s Baa2 long-term issuer rating, Moody’s said.

The proceeds will be used to conduct a liability management exercise, including to fund a tender offer to repurchase a portion of its bonds maturing between 2022 and 2026 in exchange for cash. Proceeds are also intended for general budgetary purposes, including to partially fund its Covid-19 relief and recovery efforts.

The outlook is stable.

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