S&P lowers Jasindo rating

S&P lowers Jasindo rating

LONDON (Reuters): Standard and Poor's Corp said yesterday it
downgraded the claims-paying and issuer credit ratings of
Indonesia's PT Asuransi Jasa Indonesia (Jasindo) to BBB minus
from BBB.

The ratings were placed on creditwatch with negative
implications and followed the downgrade of Indonesia's sovereign
rating.

Indonesia's financial and economic difficulties meant Jasindo
faced a decline in the value of its investments and its exposure
to infrastructure transactions was increased, the agency said.

The problems should not overly impact Jasindo's underwriting
results, although premium volume may decline, S&P said.