Fitch affirms Indonesia

Fitch Ratings said it affirmed the Republic of Indonesia's long-term foreign- and local-currency issuer default ratings at BB, country ceiling at BB+ and short-term issuer default rating at B.

The outlook is stable.

The stable outlook balances the country's fundamental strengths of fiscal prudence against underlying risks to its external finances, Fitch said.

Indonesia's conservative public finances, fiscal restructuring efforts and increased surveillance of fiscal variances to minimize negative fiscal shocks are a sovereign rating strength, the agency said.

Fitch said it forecasts the general government debt will reach 30.3% of GDP this year, a level last seen in 1996, but in line with the BB rating.

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