S&P Global Ratings said Indonesia's plan to tighten controls on commodity exports could pose higher downside ​uncertainty ​to ratings for the country, according to a Thursday statement by the ratings agency.

The new policy could be detrimental to exports, leading to a lower state revenue and negative effect on Indonesia's balance of payments.

Risks arise mainly from uncertainty around the success of the policy execution. The short implementation period of three months could cause execution mishaps, the ratings agency said.

Business confidence and investor sentiment are also potentially at risk due to the policy, according to the statement.