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Wednesday, the Moody's Investors Service upgraded Indonesia's foreign- and local-currency sovereign debt ratings to Ba2 from Ba3. The outlook was stable.
The Indonesian economy's relatively strong resilience to the global recession and its healthy medium-term growth prospects prompted the upgrade, said Aninda Mitra, Moody's Vice President and Sovereign Analyst for Indonesia.
Mitra said, "A pick-up in economic activity to its recent rate of 5.5% is expected in 2010, and Indonesia's overall growth dynamic is better positioned to face medium-term global uncertainties than many of its Ba-rated peers, as well as most regional economies."
The upgrade was also supported by an improving credit profile derived from the ongoing policy prudence, structural reforms and appropriate debt management.
Although Indonesia experienced more market volatility than many of its peers, nation's falling financial indebtedness and proactive and flexible polices are providing fundamental credit support. The rating agency expects the government's debt affordability to remain stable.
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