Indonesia: Sovereign credit ratings

(measure: Sovereign rating index and outlook, source: Standard & Poor's, Moody's, and Fitch)
* indicates monthly or quarterly data series

Sovereign credit ratings in Indonesia: The table shows the history of sovereign credit ratings. Click on the following link to see the values of Sovereign credit ratings around the world.

Agency Rating Outlook Date
Standard & Poor's BBB Developing 6/2019
Moody's Baa2 Stable 6/2019
Fitch BBB Stable 6/2019
Standard & Poor's BBB- Stable 5/2019
Standard & Poor's BBB- Developing 5/2019
Moody's Baa2 Stable 5/2019
Fitch BBB Stable 5/2019
Standard & Poor's NR NR 3/2019
Fitch BBB Stable 3/2019
Moody's Baa3 Stable 1/2019
Fitch BBB Stable 1/2019
Standard & Poor's BBB- Stable 12/2018
Moody's Baa2 Stable 12/2018
Fitch BBB Stable 9/2018
Moody's Baa2 Stable 4/2018
Fitch BBB Stable 12/2017
Fitch BBB- Positive 7/2017
Standard & Poor's BBB- Stable 5/2017
Moody's Baa3 Positive 2/2017
Fitch BBB- Positive 12/2016
Fitch BBB- Stable 7/2016
Fitch BBB- Stable 5/2016
Moody's Baa3 Stable 1/2016
Fitch BBB- Stable 11/2015
Standard & Poor's BB+ Positive 5/2015
Fitch BBB- Stable 11/2014
Fitch BBB- Stable 9/2014
Fitch BBB- Stable 8/2014
Fitch BBB- Stable 7/2014
Fitch BBB- Stable 1/2014
Fitch BBB- Stable 12/2013
Fitch BBB- Stable 11/2013
Fitch BBB- Stable 9/2013
Fitch BBB- Stable 7/2013
Standard & Poor's BB+ Stable 5/2013
Fitch BBB- Stable 4/2013
Fitch BBB- Stable 8/2012
Fitch BBB- Stable 6/2012
Fitch BBB- Stable 4/2012
Fitch BBB- Stable 1/2012
Fitch BBB- Stable 12/2011
Standard & Poor's BB+ Positive 4/2011
Fitch BB+ Positive 2/2011
Moody's Ba1 Stable 1/2011
Moody's Ba2 Under Review 12/2010
Moody's Ba2 Positive 6/2010
Standard & Poor's BB Positive 3/2010
Fitch BB+ Stable 1/2010
Standard & Poor's BB- Positive 10/2009
Moody's Ba2 Stable 9/2009
Moody's Ba3 Positive 6/2009
Fitch BB Stable 2/2008
Moody's Ba3 Stable 10/2007
Moody's B1 Under Review 8/2007
Moody's B1 Positive 2/2007
Fitch BB- Positive 1/2007
Standard & Poor's BB- Stable 7/2006
Moody's B1 Stable 5/2006
Standard & Poor's B+ Positive 2/2006
Moody's B2 Under Review 2/2006
Fitch BB- Stable 2/2006
Standard & Poor's B+ Stable 11/2005
Standard & Poor's B+ Stable 11/2005
Standard & Poor's B+ Stable 9/2005
Moody's B2 Positive 2/2005
Fitch BB- Positive 1/2005
Standard & Poor's B+ Positive 12/2004
Fitch B+ Positive 10/2004
Standard & Poor's B Positive 5/2004
Moody's B2 Stable 11/2003
Fitch B+ Stable 11/2003
Standard & Poor's B Stable 10/2003
Standard & Poor's B- Stable 5/2003
Standard & Poor's CCC+ Stable 9/2002
Fitch B Stable 8/2002
Standard & Poor's CCC Negative 11/2001
Fitch B- Stable 11/2001
Fitch B- Positive 9/2001
Standard & Poor's CCC+ Stable 7/2001
Standard & Poor's CCC+ Negative 5/2001
Standard & Poor's B- Negative 3/2001
Standard & Poor's B- Stable 10/2000
Fitch B- Stable 9/2000
Standard & Poor's CCC+ Negative watch 9/1999
Standard & Poor's CCC+ Stable 3/1999
Standard & Poor's CCC+ Negative 7/1998
Standard & Poor's CCC+ Negative watch 5/1998
Standard & Poor's B- Negative watch 3/1998
Fitch B- Negative 3/1998
Standard & Poor's B Negative watch 1/1998
Standard & Poor's BB Negative watch 1/1998
Fitch B+ Negative 1/1998
Standard & Poor's BB+ Negative 12/1997
Standard & Poor's BBB- Stable 10/1997
Standard & Poor's BBB Stable 5/1996
Standard & Poor's BBB Stable 4/1995
Standard & Poor's BBB- Positive 7/1992

Definition: S&P includes long-term ratings from the highest AAA to the lowest D rating. Moody’s includes long-term ratings from the highest Aaa to the lowest C. Fitch includes long-term ratings from the highest AAA to the lowest D rating.

For all three credit rating agencies the ratings are divided into two large groups based on the level of credit risk: investment grade for lower levels of credit risk and speculative grade for higher levels of credit risk. For S&P and Fitch investment grade issues/issuers are those from BBB and above, while those from BB and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers from Baa3 and above, while ratings from Ba1 and bellow fall to the category of speculative grade.

All three agencies include modifiers into to their generic alphabet-based ratings for particular ranges. S&P and Fitch ratings are modified with “+” or “-“ from the range AA to CCC. Moody’s appends numerical modifiers from 1 to 3 to the generic rating classifications from Aa to Caa. 1 indicates standing in the higher end of the generic category, while 3 indicates ranking in the lower end. All modifiers denote relative status within major rating categories.

Rating outlooks indicate the direction the rating is likely to move over a one to two year period. In determining an outlook consideration is given to any changes in fundamental business conditions. Credit watch focuses on identifiable events that cause ratings to be placed under special surveillance.

Rating Outlooks/Watches for the three agencies are the following:

- Positive means that a rating may be raised
- Negative means that a rating may be lowered
- Stable means a rating is not likely to change
- When the fundamental trend has strong, conflicting elements of both positive and negative, the outlook/watch is denoted as Developing.

Credit watches do not include Stable watch because they are only event-driven and denote higher probability of change in the rating. Credit Outlooks and Watches are mutually exclusive.
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