Indonesia's COVID-19 Vaccination and Economic Resilience Strategy
A Well Maintained of Indonesia's Sovereign Credit Rating in
The Midst of Economic Recovery
BBB+
BBB
BBB
66+
BB
BB-
Investment Grade
B+
2006 2007 2008 2009 2010
2011
2012 2013 2014 2015
2016
2017 2018
2019
Fitch Ratings
R&I
JCRA
SBP
Fitch
Moody's
BBB / Stable
December 2022, Rating Affirmed at BBB/Stable
"Indonesia's rating balances a favourable medium-term
growth outlook and low government debt/GDP ratio against
weak government revenue and lagging structural features,
such as governance indicators, compared with
category peers.
'BBB'
T
2020 2021 20Z2
S&P Global
Ratings
BBB / Stable
April 2022, Outlook Revised To Stable; BBB Ratings Affirmed
"The stable outlook reflects our expectation that Indonesia's
economic recovery will continue over the next two years,
supporting the government's continued fiscal consolidation
efforts. We expect the pace of the recovery to accelerate
further this year.
MOODY'S
Baa2 / Stable
February 2022, Rating Affirmed at Baa2/Stable
"The affirmation of the rating is supported by continued
economic resiliency and Moody's expectations that monetary
and macroeconomic policy effectiveness will be maintained,
containing risks as global interest rates rise. Moody's
expects economic activity to revert to its historical average
in 2023, with growth sustaining at those rates thereafter."
BBB+ / Stable
R&I
July 2022, Rating Affirmed at BBB+/Stable
BBB+ / Stable
JCR
"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".
July 2022, 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
accumulation of foreign exchange reserves. JCR holds that the debt will gradually
decrease as the fiscal balance improves mainly increased revenue from economic
growth and higher commodity prices".
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