Investor Presentaiton
BBB
BBB-
Investment Grade
BB+
Below Investment Grade
BB
BB-
Investment grade approved!
Moody's
S&P
JCRA
Fitch
Fitch Ratings
R&I
B+
2006
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2019
BBB / Stable
March 2019, Rating Affirmed at BBB/Stable
The decision was supported by favorable GDP growth
outlook on the back of resilient domestic demand and a
small government debt burden compared with its peers.
Indonesia's sovereign credit fundamentals should be
resilient to substantial exchange rate volatility.
S&P Global
BBB / Stable
Ratings
May 2019, Rating Upgraded at BBB/Stable
"We raised the ratings to reflect Indonesia's strong
economic growth prospects and supportive policy dynamics,
which we expect to remain following the re-election of
President Joko Widodo recently."
MOODY'S
Baa2/ Stable
Feb 2020, Rating Upgraded at 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
April 2019, Rating Affirmed at BBB/Stable
BBB / Stable
"Indonesia's economy is growing at a solid pace. The fiscal deficit to GDP ratio
narrowed from a year earlier, and the government debt to GDP ratio remains low.
While the CAD somewhat widened, foreign reserves are ample relative to short-term
external debts. Its economic resilience to external shocks is maintained, supported by
the government and central bank's policies emphasizing macroeconomic stability."
JCR
Jan 2020, Rating Affirmed at BBB+, Outlook Revised to Positive
BBB+ Positive
"The rating mainly reflects the country's solid domestic consumption-led economic growth,
restrained budget deficit and public debt, as well as resilience to external shocks supported by
a flexible exchange rate, credible monetary policies and accumulation of foreign exchange
reserves.View entire presentation