MSCI said in a report released on Thursday that it downgraded Indonesia’s “information flow” assessment to “negative,” citing limited transparency in corporate ownership structures, organized trading behavior that undermines price formation, and a lack of corporate disclosures published in English. Analysts estimated that a downgrade of Indonesia’s market status could trigger up to $13 billion of outflows, according to Ming Pao, though some market participants said the risk may be reduced because MSCI kept other indicators unchanged.