Moody's to send team to RI

Moody's to send team to RI

JAKARTA (Dow Jones): Moody's Investors Service Inc. said Thursday it plans to send a sovereign ratings team to Indonesia in mid-November.

Thomas Byrne, a Moody's senior vice president, told Dow Jones Newswires the team would come, but didn't say whether the ratings agency would conduct an official review of the country's sovereign rating.

Moody's confirmation of an imminent visit comes after Senior Economics Minister Rizal Ramli said in Tokyo Wednesday he's optimistic the ratings agency will upgrade Indonesia soon.

Currently, Indonesia has a junk rating of B3, well below investment grade.

Standard & Poor's Corp., a rival credit ratings agency, upgraded Indonesia to B- earlier this month, the equivalent of Moody's B3 rating.

S&P said Indonesia's ability to restructure its last remaining default debt with the London Club of private creditors spurred its decision to upgrade the country.