S&P maintains Indonesia credit rating, saying fiscal strains could be temporary

JAKARTA: Credit ratings agency S&P affirmed Indonesia's BBB/A-2 sovereign credit ratings on Monday (Jul 14), saying recent fiscal strains should be temporary and could be offset by stronger commodities prices and spending cuts.Fellow ratings agencies Moody's and Fitch cut their debt rating outlooks for Indonesia to negative in February and March respectively, citing reduced policymaking credibility in the face of rising fiscal concerns under the stewardship of President Prabowo Subianto.The S&P affirmation reflects Indonesia's growth prospects and relatively light net external and government debt, the agency said, also pointing to its expectation that government revenue will continue to recover this year and export receipts will rebound with higher commodity prices.Indonesia's policies to