Indonesian officials told S&P officials who visited Jakarta earlier this year that the credit rating agency was already late making an upgrade.
Standard & Poor's raised Indonesia's sovereign credit rating to investment grade Friday, in line with the other two major rating agencies, in a move likely to attract more investment into Southeast Asia's top economy. A rating upgrade usually also means an economy can get cheaper borrowing costs when it issues bonds.
The sovereign rating was lifted to BBB- from BB+ with a stable outlook and improvement in state's development budget.
The Jakarta Composite Index jumped as much as 3.2 percent to a record 5,825.2, extending gains this year to nearly 10 percent. The rupiah also rallied against the dollar.
Roger Ailes, Former CEO Of Fox News Dies At 77
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"Winning the investment grade title allows Indonesia access to a wider investor base".
S&P said the upgrade reflected its assessment of reduced risks to the country's fiscal position.
"The government's new focus on realistic budgeting has lowered the risks that budget deficits will widen significantly when government revenue disappoints", S&P said.
Indonesia is trying to lure investors for a $450 billion infrastructure drive to revive economic growth.
AT and T workers strike local retail stores
The employees walked out of the store around 3 p.m. and are picketing on the side of the road to grab the attention of drivers. The three-day strike will last through the weekend, according to the workers' union, the Communications Workers of America.
S&P had previously cited a host of concerns, such as a failure to implement much-needed policies to help the economy, for their reluctance in giving Indonesia an investment grade rating. It gave Indonesia a positive outlook in May 2015 for President Joko Widodo's bold move to remove gasoline subsidies.
Since then, Widodo reshuffled his cabinet and appointed respected reformist, former managing director of the World Bank, Sri Mulyani Indrawati, as his finance minister.
She then ran a tax amnesty program that many said was the world's most successful and is now overseeing a plan to overhaul the taxation system.
"From a macro stance, the S&P upgrade is positive as this will further reduce the country's cost of funds which is relatively expensive vs its peers in the region", said Bharat Joshi, investment director at Aberdeen Asset Management in Jakarta. The central bank will seek to maintain stability "to support the continuation of structural reforms taken by the government and the development of a sustainable and inclusive economic growth", Governor Agus Martowardojo said in a statement.
Third Confederate statue removed in New Orleans
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In recent quarters, Indonesia has had annual growth of 5 percent or less.
Felicity Jones is engaged to her longtime boyfriend, Charles Guard , a source exclusively reveals in the new issue of Us Weekly . More recently, the actress also shared her thoughts on how future motherhood may affect her Hollywood career.
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Lighthizer said he hopes to preserve Nafta's existing structure but that numerous negotiations would be conducted bilaterally. Videgaray added that a "win-win framework" remains possible for a trade pact among the U.S., Canada and Mexico.
The statement read: "In April the CPS received a file from Northumbria Police relating to allegations of non-recent sexual abuse". Now aged 61 and living in Newton Abbot, Devon, he will appear before Newcastle Magistrates' Court on Friday, June 9.
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The North has vowed to develop a missile mounted with a nuclear warhead that can strike the mainland United States. North Korea is not as closed off from the world as some might think, but it has very few trade partners.
Tottenham were the team to end Chelsea's historic run in the Premier League in January, beating them in a convincing 2-0 defeat. Asked if he would be at the club next season, Conte told reporters: "Yeah, and we have to improve next season".
This can be useful in several situations like if you are watching a tutorial, for example, and you need to take notes. For instance, when Dias asked "Hey Google , what can you do?" and the device replied saying "I can do lot of things".
Minister Varadkar says despite his early lead, he hasn't won anything yet - but he has the best intentions for the country. Ireland will have a new prime minister in June after Taoiseach Enda Kenny quit as leader of his party.
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I hope the crowd enjoys that, in spite of it not being a big, strong Manchester United team . I don't lose time [requesting a switch I don't believe they would grant].
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