JAKARTA -- S&P Global gave Indonesian President Joko Widodo a long-awaited reward Friday, lifting the country's long-term sovereign debt rating to investment grade.
The U.S. credit ratings agency raised Indonesia's rating from BB+ to BBB-, one notch above junk status, with a stable outlook. The decision means Indonesia's debt is investment grade according to all three major credit ratings agencies, the others being Fitch Ratings and Moody's Investor Service.
