Moody's ups Indonesia view to positive

Moody's Investors Service said it changed the outlook for Indonesia's Ba3 sovereign rating to positive from stable.

In conjunction with this improvement in the sovereign's outlook, Moody's said it changed to positive from stable the outlook on the country's B1 foreign-currency bank deposit ceilings. The outlook for its Ba2 foreign-currency country ceiling is stable.

The improvement in the outlook was prompted by Indonesia's strong growth prospects, Moody's said, and an increasingly effective macro-economic policy framework. Despite the global recession, Indonesia is expected to grow by 4% in 2009, the agency said.

The country's robust growth prospects are supported by strong domestic demand and a balanced economy with an investment momentum that was less susceptible to external trade or financial shocks, Moody's said.

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