S&P rates Indonesia notes BB+

S&P said it assigned a BB+ long-term issue rating to benchmark-sized euro-denominated senior notes that the Republic of Indonesia proposes to issue under its $40 billion global medium-term notes program.

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

The ratings on Indonesia balance the country’s low per capita income plus middling fiscal and external indicators against improved policy and institutional settings, credible monetary policy and buoyant economic growth, S&P said.

The positive outlook signals that upward pressure on the ratings still persists over the next 12 months, the agency added.

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