Moody's rates Indonesia sukuk Ba3

Moody's Investors Service said it assigned a foreign-currency rating of Ba3 with a stable outlook to the Republic of Indonesia's forthcoming global sukuk.

On account of the ongoing global crisis, the year-on-year real growth rate of Indonesia's economy may slow to 3% to 3.5% this year, down from 6% in 2008, Moody's said.

Weakening global demand will hurt Indonesia's exports, which remain heavily dependent on commodities, and the investment cycle also will decelerate, the agency said.

Nonetheless, this is still a robust growth rate in the sharply weakening global environment, Moody's said.

Indonesia's economic resilience is supported by a large, domestic demand driven economy, the agency added, along with lower exposure to global trade and capital flows than most other East Asian economies.

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