Investor Presentaiton
Indonesia Has Been Rated as Investment Grade Country
since 2017
BBB+
BBB
BBB-
Investment Grade
Below Investment Grade
BB+
BB
BB-
Fitch Ratings
BBB / Stable
JCRA
R&
August 2020, Rating Affirmed at BBB/Stable
S&P
Fitch
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.
Moody'
B+
2006 2007 2008
2009 2010 2011 2012
2013 2014 2015
2016
2017
2018 2019 2020
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
Feb 2020, Rating Affirmed at Baa2/Stable
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
March 2020, Rating Upgraded at BBB+/Stable
JCR
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
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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