S&P rates Indonesia bond 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-sized global unsecured bond issue by the Republic of Indonesia (BB+/positive/B; axBBB+/axA-2).

The offering will be part of the country's $20 billion global medium-term note program.

S&P said the sovereign credit ratings on Indonesia reflect its 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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