Indonesian sovereign bond rating was recently upgraded by a Japan-based rating agency, Rating and Investment Information (R&I), due to Indonesia's high growth and economy soundness, local media reported on Friday.
The Japanese rating agency has upgraded Indonesia's sovereign credit rating to BBB- from BB+.
In an official press statement released by the agency recently, R&I outlined key factors that influenced the upgrade including high economic growth amid the global downturn, the government's conservative fiscal policies, low debt ratio and stable financial system.
R&I added that the upgrade was also supported by the unemployment rate decline, better income per capita, manageable inflation and low interest rates.
"Greater trust in (Indonesia's) economy has led to an increase in foreign investment, and reinforcement of the industrial base has been progressing gradually," R&I said in the statement as quoted by the Jakarta Post.
Indonesian central bank, Bank Indonesia (BI), Governor Darmin Nasution said on Thursday that the latest upgrade from R&I showed that Indonesia was on the right track in its efforts to survive the global crisis.