Fitch rates Indonesia global bonds BB-

Fitch Ratings said it assigned an expected long-term foreign currency rating of BB- to the Republic of Indonesia's forthcoming $1 billion issue of U.S. dollar-denominated global bonds. The outlook is positive.

Indonesia's sovereign ratings were upgraded in January, reflecting reduced political risk, better policy initiation and coordination, anticipated bureaucratic and legislative reforms, stronger economic growth and continued improvements in the nation's public and external finances, according to Fitch.

Fitch said Indonesia's public finances are a rating strength and an important part of the rationale underpinning the positive outlook.

The administration's announcement of an average hike in fuel prices of 29%, effective March 1, is central to Indonesia's fiscal consolidation process and in line with Fitch's assumptions.

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