On Friday (23/10), Standard &Poor upgraded Indonesia’s rating outlook
from stable to positive, while maintaining long term foreign currency and
local currency sovereign credit rating at BB- and BB+ respectively. The
S&P highlighted prudent approach to fiscal and debt management, which
keeps public debt ratios on an improving trend and accumulation of
foreign reserves, which eases potential external liquidity concerns as the
main factor of the outlook upgrade.
The rating agency, however, think Indonesia need to focus on
improvement in infrastructure, legal certainty, corruption eradication,
and more flexible labor market in order to attain its investment
creditworthiness (BBB-).
We believe the outlook upgrade would emphasize’s Indonesia solid
economic performance and reducing risk premium that would continue
to encourage capital flow. Thus, at this juncture, we think Rupiah may
reach around Rp9,300/US$ by year end 2009.
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