Moody’s rates Indonesia bonds Baa3

Moody's Investors Service said it assigned provisional Baa3 senior unsecured debt ratings to the dollar- and/or euro-denominated bonds to be issued under the Government of Indonesia's (Baa3 positive) $50 billion global medium-term note program.

The agency expects to remove the provisional status of the rating upon the closing of the proposed issuance, and a review of the final terms.

Moody’s said the Baa3 issuer rating incorporates Indonesia's relatively low government debt levels, narrow fiscal deficits and healthy growth as compared to similarly rated emerging market peers.

The country also benefits from the large scale of the economy and a stable banking system that poses limited contingent risks to the sovereign, the agency added.

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