Investors miffed at S&P for keeping Asia's best debt at junk
Debt assessor keeps Indonesia below investment grade after affirming its BB+ rating and positive outlook
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Kuala Lumpur
INVESTORS have kept faith in Asia's best-performing sovereign bond market after S&P Global Ratings left Indonesia at junk status. One fund manager described the decision as disappointing and another as inexplicable.
S&P stands alone among the three major debt assessors to keep the nation below investment grade after affirming its BB+ rating and positive outlook on June 1. An upgrade could occur over the next 12 months if Indonesia cuts deficits and implements fuel subsidy changes fully, S&P analysts Kyran Curry and Yee Farn Phua said in a statement.
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