S&P boosts Indonesia’s credit rating

1st June, 2019 09:46:17 printer

JAKARTA: Ratings agency S&P lifted Indonesia's credit rating Friday, citing strong prospects for Southeast Asia's biggest economy after the re-election of president Joko Widodo.

The upgrade comes after the elections commission this month confirmed Widodo's victory in polls held on April 17, reports AFP.

His rival Prabowo Subianto, a retired military general, has challenged the results in court over allegations of widespread cheating. But S&P said it expected the battle would not disrupt Widodo's second term, after his initial tenure featured a multi-billion-dollar infrastructure push, including Jakarta's first mass-rapid-transit system.