North Sumatra Investment Book

INV. GRADE Investment grade approved! BBB BBB- Investment Grade BB+ Below Investment Grade BB BB- JCRA Fitch Fitch Ratings Moody's Dec 2017, BBB, Rating Upgraded R&I B+ 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 S&P BBB Stable "Indonesia's resilience to external shocks has steadily strengthened in the past few years, as macroeconomic policies have consistently been geared towards maintaining stability. S&P Global BBB Stable Ratings May 2018, BBB-, Stable Rating Affirmed "The sovereign ratings on Indonesia are supported by the government's relatively low debt levels and its moderate fiscal performance and external indebtedness." MOODY'S Apr 2018, Baa2, Rating Upgraded Baa2 Stable "The upgrade to Baa2 is underpinned by an increasingly credible and effective policy framework conducive to macroeconomic stability. Together with a build-up of financial buffers, prudent fiscal and monetary policy strengthens Moody's confidence that the sovereign's resilience and capacity to respond to shocks has improved." R&I BBB / Stable March 2018, Rating Upgraded to BBB, Outlook Revised to Stable "Indonesia's economy continues its strong performance, with inflation remaining low and stable. Fiscal deficits have been reined in, and government debt is low. The economy is becoming more resilient to external, shocks, reflecting small current account deficits and ample foreign reserves." JCR) BBB / Stable February 2018, Rating Upgraded to BBB, Outlook Revised to Stable "....the government led by President Joko Widodo has been pressing ahead with structural reforms aimed to promote sustainable growth.. First, the investment climate has significantly improved.... Second, infrastructure development has been gaining momentum... Third, the external debt owed by the private sector has been curbed since 2016... Taking those into consideration, JCR has upgraded its ratings by one notch and changed the outlook to Stable.

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