JAKARTA, April 8 (Xinhua) - International rating agency Standard & Poor's Ratings (S&P) upgraded Indonesia's long term foreign debt and sovereign credit rank from BB to BB+ with positive outlook, detikcom online news reported on Friday.
S&P also maintained Indonesia's short term debt rank at "B".
The upgrade is based on improving the government's financial balance and external liquidity as well as strong economic performance and prudent fiscal management.
It said that the upgrade could sustain if inflation pressure could be curbed, debt position reduced and debt balance improved, or if fiscal and external vulnerability are reduced though reforms.
"Indonesia's positive outlook reflects some kind of upgrade if inflation could be tamed in line with further improved financial balance that are combined with successful implementation of the government's policy on fiscal, administration and structural reforms agenda," said S&P credit analyst Agost Bernard.