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.