Government Measures to Mitigate Covid-19 Risk
Indonesia Has Been Rated as Investment Grade Country
since 2017
BBB+
BBB
BBB-
Investment Grade
BB+
Below Investment Grade
BB
BB-
Fitch Ratings
BBB / Stable
JCRA
R&J
August 2020, Rating Affirmed at BBB/Stable
S&P
Fitch
Moody's
B+
2006 2007 2008 2009 2010 2011 2012 2013 2014
2015 2016 2017
2018 2019 2020
R&I
JCR
BBB+ / Stable
The affirmation of the rating is underpinned by a favorable
medium-term growth outlook and a low government debt
burden compared with "BBB" category peers.
S&P Global
Ratings
BBB / Negative
April 2020, Rating Affirmed at BBB, Outlook Revised from
Stable to Negative
"The affirmation reflects Indonesia's stable institutional
settings, strong growth prospects, and historically prudent
fiscal policy settings. The negative outlook reflects S&P
expectation that Indonesia faces additional fiscal and
external risks related to the COVID-19 pandemic in the next
24 months.
MOODY'S
"9
Baa2 Stable
Feb 2020, Rating Affirmed at Baa2/Stable
"The affirmation of the ratings is underpinned by a number
of credit strengths including Indonesia's robust and stable
growth rates and a low government debt burden, preserved
by consistent fiscal discipline and emphasis on
macroeconomic stability as well as persistent credit
challenges."
BBB+ / Stable
March 2020, Rating Upgraded at BBB+/Stable
"The upgrade reflects the firm implementation of policies to strengthen economic growth
potential on the back of a solidified political foundation. As the global spread of the novel
coronavirus could strain growth in the Indonesia economy, the government and the central
bank are working to shore up the economy and maintain macroeconomic stability. Given the
country's underlying economic strength which remains intact, R&I expects the economy to
start to recover if the epidemic is brought under control"
December 2020, Rating Affirmed at BBB+/Stable
"The ratings mainly reflect the country's solid domestic demand-led economic growth
potential, restrained public debt, and resilience to external shocks supported by flexible
exchange rate and monetary policies and accumulation of foreign exchange reserves.
Additionally, the government has been maintaining the momentum of economic
structural reforms even amid the pandemic, as evidenced by the enactment of the
"Omnibus Law on Job Creation".
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