Indonesia Fails to Win Full Investment Grade as S&P Holds Rank
- S&P keeps Indonesia at BB+ with positive rating outlook
- Finance minister says assessment is ‘not appropriate’
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Indonesia’s long wait to win full investment grade rank got longer after S&P Global Ratings maintained its junk status, an assessment the country’s finance minister sees as “not appropriate.”
S&P on Wednesday affirmed the country’s BB+ rating, while leaving the door open for a future upgrade by maintaining a positive outlook. It cited forecasts for larger budget deficits in coming years and a decline in corporate credit quality. Fitch Ratings and Moody’s Investors Service awarded Indonesia investment grade status more than four years ago.