S&P gives Indonesia bond BB+

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

The issue will be a new bond maturing in 2023. It will be part of the country's $20 billion global medium-term notes program.

The bond will constitute the direct, unconditional and unsecured obligations of the sovereign, and will rank equal with Indonesia's other unsecured and unsubordinated external debt. The bond is backed by the full faith and credit of the Republic of Indonesia.

S&P said the sovereign credit ratings on Indonesia reflect the economy's low per capita income, developing structural and institutional foundations and weak policy environment and high and rising external leverage.

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