Indonesia's Report Card Splits: What Are the Three Rating Giants Really Seeing?

Finance Minister Purbaya Yudhi Sadewa asserted that Standard & Poor’s Global Ratings’ decision to maintain Indonesia’s credit rating is proof that the country is not heading towards an ‘Indonesia Cemas’ (Anxious Indonesia) scenario, but is instead continuing its progress towards Golden Indonesia 2045. Despite this boost from S&P, the rating outlooks from Moody’s and Fitch had earlier forecast a negative outlook for the Indonesian economy. The question remains: which assessment should be believed?