During the Asian Financial Crisis, major rating agencies downgraded Indonesia's credit rating
to "junk" status, as the country struggled with economic decline and the devaluation of the
rupiah, Fourteen years later, in December 2011 , Fitch became the first major rating agency to
improve the Indonesian credit rating to investment grade, citing "steady economic growth.
declining debt and general macroeconomic stability".31 Two months later, Moody's followed
suit, citingeconomic growth of 6%, a rising middle class and a young population. The agency
added that Indonesia "demonstrated resilience to large external shocks and had a healthy
banking system capable ofwithstanding stress".
During the Asian Financial Crisis, major rating agencies downgraded Indonesia's credit ratingto "junk" status, as the country struggled with economic decline and the devaluation of therupiah, Fourteen years later, in December 2011 , Fitch became the first major rating agency toimprove the Indonesian credit rating to investment grade, citing "steady economic growth.declining debt and general macroeconomic stability".31 Two months later, Moody's followedsuit, citingeconomic growth of 6%, a rising middle class and a young population. The agencyadded that Indonesia "demonstrated resilience to large external shocks and had a healthybanking system capable ofwithstanding stress".
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