Credit rating company Fitch Ratings raised Indonesia’s long-term, foreign currency-denominated debt by one level in the Investment Grade -class. According to Fitch, the reasons for the raise lies behind Indonesia’s growing foreign exchange reserves as well as continued and strong economic growth. Another major rating agency, S&P, raised the Indonesian credit rating to Investment Grade earlier in May, so this is the second time this year when one of the three major rating agencies has touched on the prospect of Indonesia’s future.
Fitch Ratings estimates that Indonesia’s gross domestic product will grow by 5.4 percent in 2018 and by 5.5 percent in 2019, compared with 5.1 percent in 2017. The update puts Indonesia on par with Portugal and the Philippines, who also received an update in December.
More information can be found here: Indonesia Wins Fitch Rating Upgrade Months After S&P Move