S&P maintains Indonesia's junk status

Jakarta

INDONESIA'S long wait to win full investment-grade rank just got longer after S&P Global Ratings maintained its junk status because of weak fiscal performance.

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.