S&P affirms Indonesia

Standard & Poor's said it affirmed its BB+ long-term and B short-term sovereign credit ratings on the Republic of Indonesia. The outlook remains positive.

At the same time, the agency said it affirmed its recovery rating of 3 on Indonesia's senior unsecured foreign currency debt. The transfer and convertibility risk assessment on Indonesia is unchanged at BBB-.

S&P said the sovereign credit rating on Indonesia is constrained by low per capita income, structural and institutional impediments to higher economic growth, still-high private sector external debt and shallow domestic capital markets.

The ratings are supported by low reported central government fiscal deficits, declining public sector debt burden, strengthening external liquidity and resilient economic performance, the agency said.

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