Indonesia upgrade closes book on Asian financial crisis

It was 20-year ago today well almost that Indonesia lost its investment grade rating from Standard Poor’s.

Much has changed since then. The current iPhone has more processing power than the world’s fastest super computer in 1997.

But Moore’s law has vastly outpaced Standard Poor’s law over the interim period and it has taken Indonesia 20 years to get back to the credit status it held when the Asian financial crisis struck.

In 1997, the global rating agencies were under huge pressure and enormous fire from investors for being slow to react to the crisis, which was engulfing Asia. Indeed, SP only...