S&P downgrades Jasindo

STATE-owned insurer PT Asuransi Jasa Indonesia (Jasindo) is among Indonesian financial institutions hit by credit rating downgrades issued by Standard & Poor‘s (S&P), writes Chris Quick. The rating agency lowered the insurer‘s local claims-paying ability and issuer credit rating from BB- to BBB-. S&P said the decision reflected continued turmoil in Indonesia‘s economy, and followed its further downgrade of Indonesia‘s local and foreign currency rating, to BB- and B respectively.