S&P affirms Indonesia

Standard & Poor's said it affirmed its BB-/B foreign currency ratings and its BB+/B local currency ratings on the Republic of Indonesia.

The outlook is stable.

The ratings on Indonesia are underpinned by continued improvements in its debt and external liquidity positions, the agency said.

General government debt is expected to decline further to 44% of GDP this year, down from 46% in 2006 and over 100% in 2000, S&P noted, stating that this reduction comes on the back of small, but persistent primary surpluses, a falling interest burden and strong nominal GDP growth.

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