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S&P positive on Indonesia economy reforms, finance minister says

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Indonesia's finance minister said S&P Global Ratings was impressed with the government's reform efforts during a trip company officials made to Jakarta to assess the country's sovereign rating.

[JAKARTA] Indonesia's finance minister said S&P Global Ratings was impressed with the government's reform efforts during a trip company officials made to Jakarta to assess the country's sovereign rating.

S&P, which said in December it may raise Indonesia to investment grade within a year, met Indonesian President Joko Widodo and ministers on Tuesday. The government hopes the company will lift its rating, Finance Minister Bambang Brodjonegoro said in an interview with Bloomberg News after the talks.

"I think the tone is positive," Mr Bambang said late on Tuesday at his office. "In general they are satisfied and excited about the commitment of the reforms from the president and the government."

A move by S&P to raise Indonesia from BB+, the highest junk grade, could provide a filip to the country's bonds and currency by enabling more funds to invest in Southeast Asia's largest economy. Moody's Investors Service and Fitch Ratings already rank Indonesia as investment grade.

Emi Nakata, a communications manager at S&P in Singapore, declined to comment on the company's visit to Jakarta.

BLOOMBERG