Moody's rates Indonesia notes Ba3

Moody's Investors Service said it assigned a foreign-currency rating of Ba3 to the Republic of Indonesia's forthcoming global medium-term notes program.

The outlook is stable.

Indonesia's Ba3 sovereign rating is supported by the country's moderate economic strength and low, though improving, institutional strength, the agency said.

"However, the rating also reflects the country's low per-capita income and shortcomings in the rule of law," Aninda Mitra, a Moody's vice president, said in a statement.

"Amidst a deep downturn in commodity prices and in the global economy, Indonesia's overall economic resiliency is shielded by its relatively moderate openness to global trade and the ability of domestic demand to drive growth," Mitra added.

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