Moody's rates Indonesia bond Baa3

Moody's Investors Service said it assigned a definitive rating of Baa3 to Indonesia's notes maturing in 2025 and 2045.

The agency said Indonesia's Baa3 rating is supported by narrow fiscal deficits, low public debt, the large size of the Indonesian economy and its healthy GDP growth prospects.

Credit challenges include institutional weaknesses, as reflected in Indonesia's scores on the World Bank's governance indicators, and a relatively shallow domestic capital market, which has led to a reliance on external funding, leaving financing conditions susceptible to international volatility, Moody’s said.

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