Fitch Ratings has assigned an expected Long-term foreign currency rating of BB to the Indonesia's forthcoming Global Medium Term Note (GMTN) program, and all debt issues under the program.
Accordingly, the note offerings issued under the GMTN program are also rated BB. The final rating is contingent upon receipt of final documents conforming to information already received.
The ratings on the GMTN and the notes offering under the program are in line with the sovereign's BB Long-term foreign currency Issuer Default Rating (IDR).
The ratings on the GMTN and the notes offering under the program are in line with the sovereign's BB Long-term foreign currency Issuer Default Rating (IDR).
Indonesia's Long-term local currency IDR is BB, short-term IDR is B and the country ceiling is BB+. The outlook is Stable.
The sovereign's credit-worthiness has been well supported by long standing fiscal prudence, public debt reduction, active surveillance of fiscal sustainability and pre emptive fiscal financing efforts. In addition, Fitch notes that Indonesia has displayed relative resilience to the recent global financial crisis.
The sovereign's credit-worthiness has been well supported by long standing fiscal prudence, public debt reduction, active surveillance of fiscal sustainability and pre emptive fiscal financing efforts. In addition, Fitch notes that Indonesia has displayed relative resilience to the recent global financial crisis.
A forward looking assessment of Indonesia's sovereign credit fundamentals also points to some easing in prior acute constraints on the ratings as external finance conditions have improved.
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