S&P rates Indonesia notes BB+

Standard & Poor’s said it assigned a BB+ long-term issue rating to benchmark-size dollar-denominated global notes that the Republic of Indonesia proposes to issue as part of its $30 billion global medium-term notes program.

The notes will constitute the direct, unconditional, unsubordinated and unsecured obligations of Indonesia, the agency said.

The ratings reflect the economy’s low per capita income, developing structural and institutional foundations, weak policy environment and rising external leverage, S&P said.

These rating constraints are weighed against the country’s well-entrenched cautious fiscal management, modest general government debt and interest burden and moderately strong economic growth, the agency said.

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