Fitch ups Indonesia

Fitch Ratings said it upgraded the Republic of Indonesia's long-term foreign and local currency ratings to BB- from B+. The agency also affirmed its short-term rating at B. The outlook is positive.

Fitch said this rating action reflects Indonesia's reduced political risk, better policy initiation and coordination, anticipated bureaucratic and legislative reforms, stronger economic growth and continued improvements in the nation's public and external finances.

"The current phase in the political and economic cycle presents the government with an important window of opportunity to build on macroeconomic stability and mitigate pressures on the balance of payments and the public finances," said Fitch's Ai Ling Ngiam.

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