S&P rates Indonesia bonds BB+

Standard & Poor's said it assigned its BB+ senior unsecured long-term foreign currency debt rating to a proposed U.S. dollar-denominated benchmark-size global unsecured bond issue by the Republic of Indonesia.

According to S&P, the issue will combine a reopening of an existing bond maturing in 2042 with a new bond with a 10-year maturity, both of which form part of the country's $15 billion global medium-term notes program.

The agency said the sovereign credit rating on Indonesia reflects continuing improvements in the government's balance sheet and external liquidity, a resilient economic performance and cautious fiscal management. Rating constraints include Indonesia's low per capita income, structural and institutional impediments to higher economic growth and relatively high and volatile inflation.

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