...This inaugural transition study provides key data and analysis on the performance of Fitch Indonesia's National Ratings over the long term, capturing the period 2004-2008. Despite recession in the world's major advanced countries, Indonesia maintained positive GDP growth through the first half of 2009 (4.22%) and only modest negative rating activity among Fitch National Ratings in 2008, including no defaults. In 2008 the Indonesian domestic local currency bond market was affected by volatility in the international debt capital markets. Domestic investors were more risk-averse and the cost of borrowing rose. The total value of new bonds issued in the Corporate Finance space was only Rp11.7 trillion in 2008. This is less than half of the Rp30 trillion of total issuance in 2007, which was a record high. This study includes all publicly rated corporates, banks, and non-bank financial institutions since Fitch first began assigning National Ratings in Indonesia, including a total of 59 rating...
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