Moody's upgrades Indonesia

The move coincides with a $125m issue from local cocoa producer Davomas Abadi

Moody's upgraded Indonesia's credit rating from B2 to B1 in May, citing improved public finance and fiscal management records. Government debt as a percentage of GDP had fallen to 50% by the end of 2005, and is likely to fall further, the agency says. And although half the debt is in foreign currency, the majority of this debt is owed to official creditors, making Indonesia less subject to adverse changes in external market conditions. "Indonesia is in a better position in this regard than most

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