In a report by Standard & Poor’s (S&P) Rating Services, Indonesian firms still tend to underinvest compared to their ASEAN peers. This is likely due to limited capital spending, conservative balance sheet management and a lack of financial market depth. The report, n titled ASEAN Top Companies found that the majority of the Indonesia companies surveyed obtained a “minimal”, “modest”, or “intermediate” status in their financial risk profiles, which are consistent with their investment-grade credit ratings level. S&P corporate ratings director for Asia Pacific Xavier Jean said that Indonesia firms still preferred to use their own cash flow to finance growth compared to those of other countries in the region.