Investor Presentaiton
BBB
BBB-
Investment Grade
BB+
Below Investment Grade
BB
BB-
Investment grade approved!
S&P
JCRA
Moody's
Fitch Ratings
Fitch
R&I
B+
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
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
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."
JCR
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