The Japan Credit Rating Agency has upgraded Indonesia's credit rating to investment grade, citing the nation's economic prospects and prudent fiscal management, Bank Indonesia said in a statement on Tuesday.
Indonesia's foreign currency long-term senior debt has been raised from BB+ to BBB- and the local currency long-term senior debt rating rose from BBB- to BBB, said Bank Indonesia (BI).
The agency cited five factors for the upgrade: improving political and social stability; encouraging economic prospects; the declining public debt burden; higher resilience in external factors due to increasing foreign exchange reserves; and the government's efforts to improve infrastructure.
"The investment-grade rating will improve the confidence foreign investors have in Indonesia. This step is expected to be followed by other international rating agencies," BI Deputy Governor Hartadi A. Sarwono said.
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