Wed, 31 Mar 1999

BNI rating affirmed

JAKARTA (JP): The U.S.-based rating agency Standard and Poor's affirmed on Tuesday its "Triple C-" long-term foreign currency rating on publicly listed Bank Negara Indonesia (BNI) and the banks US$145 million notes.

The rating agency said the lower foreign currency rating for Indonesia reflects the country's rescheduling of a specific U.S.- dollar denominated debt. The rating does not indicate that the overall sovereign risk has deteriorated to a degree that it impinges upon the ability of BNI to fulfill the bank's own foreign currency debt obligation.

The rating agency on Tuesday lowered the foreign currency rating to "Selective Default" from "Triple C+".

The outlook for BNI ratings remains negative, the agency said.