Moody’s upgrades Indonesia

Moody’s Investors Service upgraded Indonesia’s rating from B2 to B1 today, citing the country’s improved public finance and fiscal management records.

Government debt as a percentage of gross domestic product 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. This makes Indonesia less subject to adverse changes in external market conditions, says Mood

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