Metrotvnews.com, Jakarta: Standard and Poor's (S&P) has finally upgraded Indonesia's credit rating to investment grade.
The global credit rating agency gave Indonsia a "BBB-/A3" creditit rating with stable outlook on Friday, May 19, 2017.
"We raised the ratings to reflect our assessment of reduced risks to Indonesia's fiscal metrics," S&P said in a statement.
"We believe the government's increased focus on realistic budgeting has reduced the likelihood that a shortfall in future revenue would widen the general government deficit significantly beyond what we expect now," the statement said.
"This also reduces the risk of a rising net general government debt ratio and debt servicing burden," the statement said.
Previously, Fitch gave Indonesia a "BBB-" rating with a positive outlook in December 2016.
Meanwhile, Moody's gave Indonesia a "Baa3" rating with a positive outlook in February 2017.