| Embassy of Indonesia - Ottawa Canada | May 13 , 2003 |
Indonesia's long-term foreign currency rating upgraded
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JAKARTA (JP): An international
credit rating agency said on Monday it has upgraded some currency ratings
on Indonesia in light of its improving fiscal position. Standard and Poor's Ratings Services said it has raised the long-term foreign currency rating to B- from CCC+ and its long-term local currency rating to B from B-, with a stable outlook. It affirmed the C short-term foreign currency rating and raised the short-term local currency rating to B from C, AFP reported. The agency said the upgrades reflect the diminished likelihood that the government will seek additional debt restructuring thanks to its improving fiscal and external positions. "The government should continue its fiscal consolidation, which if managed well will allow it to service substantial debt repayments of 6.0-6.5 billion dollars over 2004-2008," it said in a statement. However, the agency said there remains a risk that political or external developments could affect investor confidence, a situation that would impair funding plans. |
Source : The Jakarta Post |