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Monday, Fitch Ratings raised the Republic of Indonesia's Long-term foreign and local currency Issuer Default Ratings or IDRs to 'BB+' from 'BB', respectively. The upgrade reflected Indonesia's relative resilience to the severe global crisis and continued improvements in the nation's public finances.
The outlooks on the ratings remained stable. At the same time, the agency upgraded the country ceiling to 'BBB-' from 'BB+' and affirmed the short-term foreign currency IDR at 'B'.
Indonesia was one of 15 Fitch-rated sovereigns which registered an annual decrease in the general government debt position as a share of GDP in 2009. Further, public debt ratios continued to fall throughout 2009, dropping to 30% of GDP.
However, Fitch said sudden investor risk aversion and capital outflows may arise on the back of more severe or abrupt administrative price adjustments in 2011. Looking forward, Indonesia's relatively shallow capital markets stay vulnerable to risks surrounding a reversal of high-yield carry trades or sudden emerging-market risk aversion, the rating agency added.
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