Investor Presentaiton
INV.GRADE Investment grade approved!
BBB
BBB-
Investment Grade
BB+
Below Investment Grade
BB
BB-
B+
Moody's
S&P
JCRA
Fitch
R&I
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
JCR
Fitch Ratings
Dec 2017, BBB, Rating Upgraded
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
Ratings
May 2019, Rating Upgraded at BBB/Stable
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
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
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."
April 2019, Rating Affirmed at BBB, Outlook Revised to Positive
BBB / Positive
"The ratings mainly reflect Indonesia's solid economic growth underpinned by domestic consumption, restrained level
of budget deficit and public debt, and resilience to external shocks stemming from flexible exchange rate policies and
accumulation of foreign exchange reserves. The administration led by President Joko Widodo has formulated a large-
scale infrastructure development plan and is vigorously promoting it to eliminate the infrastructure shortage. In
addition, it has succeeded in expanding infrastructure expenditures and expenditures on human capital, and has
been curbing the budget deficit by reducing fuel subsidies."View entire presentation