Jakarta: Standard and Poor's (S&P) has affirmed the Sovereign Credit Rating of Indonesia at BBB/Negative Outlook.
"The rating affirmation shows that, in the midst of the ongoing covid-19 pandemic, the confidence of international stakeholder on the Indonesia's maintained macroeconomic stability and economic prospects in the medium-term remained strong," said Bank Indonesia (BI) Governor Perry Warjiyo in a press release on Thursday.
"This supported by the credibility of the policies and strong coordination of policy mix between Bank Indonesia and the Government," he added.
According to the BI Governor, the central bank will continue to closely monitor global and domestic economic developments, take the necessary policy measures to ensure macroeconomic and financial system stability and continue to strengthen the synergy with the Government to accelerate the national economic recovery
In its report, S&P states that the ratings on Indonesia is affirmed at BBB reflecting the country's solid economic growth prospects and historically judicious policy dynamics that the authorities continue to pursue.
Meanwhile, fiscal risks and external risks related to the Covid-19 pandemic still need to be considered.
In 2020, the Indonesian economy contracted by 2.1% in 2020, relatively modest compared to other countries in the region.
S&P expects Indonesia's growth recovery to gain traction into 2022 as the pace of vaccination picks up and economic activity gradually normalizes.
S&P had previously affirmed Indonesia's Sovereign Credit Rating at BBB and revised the outlook from Stable to Negative on 17 April 2020.
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