Moody elevates Indonesia credit rating hinh anh 1A view of Jakarta's skyline. (Photo: AFP/BAY ISMOYO)

Hanoi (VNA) - Moody’s Investors Service upgraded its credit rating for Indonesia on April 13, praising the country’s central bank and government policies for boosting confidence in the largest economy of Southeast Asia.

Indonesia's efforts in keeping budget deficit and inflation under control led to Moody's boosting its rating to Baa2 from Baa3 with a stable outlook.

A better credit rating tends to lower a country's borrowing costs and can make it more attractive to investors.

In December last year, Fitch Ratings increased Indonesia's sovereign rating, with Standard & Poor's previously raising Indonesia's credit rating from junk status to investment grade.

Indonesia’s economy grew by 5.1 percent in 2017, up from the 2016’s figure of 5 percent, still well below President Joko Widodo's target of 7 percent.-VNA