S&P Global Ratings changed its outlook on Indonesia’s ‘BBB’ sovereign credit rating to ‘negative’ from ‘stable’ on April 17 of 2020, citing the negative impact of the coronavirus outbreak on the country’s external, fiscal and debt metrics. The agency noted that Indonesia’s external position has weakened following considerable depreciation of the rupiah, and expects that the government’s debt burden will remain elevated for the next one to two years owing to strong counter-cyclical fiscal measures to stabilize the economy.

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