HONG KONG, June 11 (Reuters) - Moody's changed its outlook on Indonesia's sovereign rating to 'positive' from 'stable' on Thursday, citing the country's 'strong' growth prospects given its reliance on domestic demand and its 'effective' economic policies.
The outlook change for Indonesia's 'Ba3' ratings marks a rare upgrade of views for the region from a credit agency, and comes ahead of the country's presidential elections in July.
Fitch Ratings already is rating Indonesia one notch above Moody's current rating, at 'BB' with a 'stable' outlook. Standard & Poor's has the country at 'BB', equivalent to Moody's current 'Ba3' rating, but with a 'stable' outlook.
'The improvement in the outlook was prompted by Indonesia's relatively strong growth prospects, and an increasingly effective macroeconomic policy framework,' said Aninda Mitra, a Moody's Investors Service analyst for Indonesia, in the statement.
Moody's also raised the outlook on the country's B1 foreign currency bank deposit ceilings to positive from stable, but left the outlook on its Ba2 foreign currency country ceiling at stable
(Reporting by Rafael Nam; Editing by Jacqueline Wong)