International rating firm, Fitch Ratings, increased Indonesia's debt rating from BB to BB+, paves the way for Indonesia to enter 'investment grade'country, a senior Indonesia official said here.
Indonesian central bank (BI) Deputy Governor Hartadi Sarwono said that the rating improvement was based on Indonesia's excellent capability to
survive in the global crisis, economic growth that tends to increase and preserved economic and financial stabilities.
"The rating increase makes Indonesia one step ahead to enter ' investment grade' country. It was also a recognition to the government's excellent fiscal, monetary policies, state budget and debt managements," the deputy BI governor said.
He added that that the rating increase also indicates Indonesia ' s economic resilience in dealing with financial turbulence in global market.
The improving debt rating was based on the increasing foreign currency reserves to 70 billion U.S. dollar in three weeks, or 28 percent higher from 66.105 billion U.S. dollars late last year.