S&P lifts Indonesia

Standard & Poor's said it raised its long-term foreign currency rating on the Republic of Indonesia to BB- from B+ and its long-term local currency rating to BB+ from BB.

The short-term rating of B was affirmed and the outlook on the long-term ratings is stable, the agency added, noting that the upgrades reflect Indonesia's improving fiscal and external performance, resulting in declining debt burdens.

Small, but persistent, central government primary surpluses and a falling interest burden, coupled with the rupiah's appreciation, are projected to lower central government debt to just under 50% of GDP this year, down from over 100% in 2000, S&P said.

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