Investor Presentaiton
Indonesia Has Been Rated as Investment Grade Country
since 2017
BBB+
BBB
BBB-
Indmenteco
BB+
Below Investment Grade
BB
BB-
B+
R&
JCRA
S&P
Fitch
Moody's
2008
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2030
2021
Fitch Ratings
BBB / Stable
March 2021, Rating Affirmed at BBB/Stable
"The affirmation of the rating is underpinned by a favorable
medium-term growth outlook and a still low, but rising,
government debt burden compared with "BBB" category
peers".
S&P Global
Ratings
BBB / Negative
April 2021, Rating Affirmed at BBB/Negative
"The affirmation reflects Indonesia's solid economic growth
prospects and historically judicious policy dynamics. The
negative outlook reflects our expectation that Indonesia will
face sustained fiscal and external pressures related to the
COVID-19 pandemic over the next 12-24months".
MOODY'S
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."
R&I
April 2021, Rating Affirmed at BBB+/Stable
JCR
BBB+ / Stable
"In R&l view, Indonesia's economy that plunged in 2020 will likely return to a pre-
coronavirus growth level in one to two years. The government's structural reform efforts are
also expected to boost growth potential in the medium to long term. Despite the pressure
on the fiscal side caused by policy responses, the government debt ratio remains relatively
low. The economic resilience to external shocks is maintained thanks to flexible policy
responses by the government and the central bank and ample foreign reserves".
December 2020, Rating Affirmed at BBB+/Stable
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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