August 7, 2003	Thursday	Jumadi-us-Sani 8, 1424

JAKARTA, Aug 6: Standard and Poors said on Wednesday it will not downgrade Indonesia’s sovereign rating following a deadly hotel bombing, as the risk had already been incorporated in its latest rating change.

“Of course, if similar attack happens (again), unfortunately that will be another matter,” Takahira Ogawa, the agency’s Asia-Pacific director for sovereign ratings, told financial newswire AFX-Asia.

In May, Poors raised Indonesia’s long- and short-term foreign currency credit ratings to CCC-plus and C respectively, following the rescheduling of debts to private sector lenders grouped under the London Club.

Indonesia needs further rating upgrades before it can re-enter the international market to raise funds for budget financing.—AFP