Fitch upgrades Indonesia

Fitch Ratings said it upgraded the Republic of Indonesia's long-term foreign- and local-currency issuer default ratings to BB+ from BB, along with its country ceiling to BBB- from BB+ and affirmed its short-term foreign-currency issuer default rating at B.

The outlook is stable.

The action reflects Indonesia's relative resilience to the severe global financial stress test of 2008 to 2009, which is underpinned by continued improvements in the country's public finances, a fundamental sovereign rating strength and a material easing of external financing constraints, Fitch said.

Public debt ratios continued to decline throughout 2009, falling to 30% of GDP, as the economy recorded the eighth-highest economic growth rate, the agency said.

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