www.bi.go.id - Moody’s Investors Service has today (January 17, 2010) upgraded Republic of Indonesia’s foreign and local-currency bond ratings to Ba1 with stable outlook. This follows Moody’s release last December which placed the ratings on a review for possible upgrade.
In the press release today, Moody's stated the key factors supporting this action were (1) economic resilience is accompanied by sustained macroeconomic balance; (2) Improved government’s debt position and central bank’s foreign currency reserve adequacy; and (3) Improved prospects for foreign direct investment inflows which expected to fortify Indonesia’s external position and economic outlook. (source)
According to Aninda Mitra, a Vice President at Moody's as well as the main analyst for Indonesia's sovereign credit rating, further improvements on the abovementioned factors will be the determinants for further increase in the country’s sovereign rating.
Deputy Governor of Bank Indonesia, Hartadi A. Sarwono said that the upgrade in the Republic’s sovereign rating increases the confidence to soon achieve investment grade status. Indonesia already proven to keep resilient during the toughest time and the economy continued to chart strong growth supported by a broader base with investment contribution increased significantly. Going forward, hopefully the positive momentum can be maintained to achieve investment grade as the fundamentals in the economy being sustained alongside stronger structural reforms is expected to support growth in upcoming years.
Jakarta, January 17, 2011
Office of the Governor
Difi A. Johansyah
Bureau Chief
Source: http://www.bi.go.id/web/en/Ruang+Media/Siaran+Pers/sp_130211.htm - Jan 17, 2011
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