Fitch assigns Indonesia program BB

Fitch Ratings said it assigned an expected long-term foreign currency rating of BB to the Republic of Indonesia's forthcoming global medium-term note program, and all debt issues under the program.

Accordingly, the note offerings issued under the program are also rated BB, the agency said, adding that the ratings under the program are in line with the sovereign's BB long-term foreign currency issuer default rating.

Indonesia's long-term local currency issuer default rating is BB, short-term issuer default rating is B and the country ceiling is BB+, Fitch noted.

The outlook is stable.

The sovereign's credit-worthiness has been well-supported by long-standing fiscal prudence, public debt reduction, active surveillance of fiscal sustainability and pre-emptive fiscal financing efforts, the agency added.

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