Moody’s upgrades Indonesia

Moody's Investors Service said it upgraded Indonesia's long-term issuer and senior unsecured ratings to Baa2 from Baa3.

The outlook was changed to stable from positive.

The agency upgraded Indonesia's senior unsecured medium-term note program rating to provisional Baa2 from provisional Baa3.

Moody's also upgraded to Baa2 from Baa3 the senior unsecured ratings of the dollar trust certificates issued by Perusahaan Penerbit SBSN Indonesia III.

The agency said the upgrade to Baa2 is underpinned by an increasingly credible and effective policy framework conducive to macroeconomic stability.

Moody’s said that together with a build-up of financial buffers, prudent fiscal and monetary policy strengthens its confidence that the sovereign's resilience and capacity to respond to shocks has improved.

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