"Its possible that we might raise the rating to a higher level. We are still studying that possibility," said Kyran Curry, the Director of Sovereign and International Public Finance Ratings of S&P Global Ratings.
Curry made the statement after a meeting here on Wednesday between an S&P delegation and Coordinating Minister fort Economy Darmin Nasution.
He said the S&P Global Ratings delegation had received information from relevant Indonesian officials about the countrys economic condition.
Curry indicated there were positive prospects for Indonesian economy although there has been no official statement from S&P Global Ratings.
"It seems the results could be announced next month as part of the monthly review by the end of May," he said.
S&P is the only international rating agency not yet giving the rating of investment grade for Indonesia.
Fitch Ratings and Moodys already gave the rating of investment grade for the country the end of 2011 and early 2012.
Finance Minister Bambang Brodjonegoro said the S&P delegation has noted that the government has made improvements in various sectors such as in the management of the countrys economy and state finance in relations between the center and the regions.
In addition, the government had made much progress in improving business climate, simplifying licensing procedure through a series of deregulation measure to attract investment, Bambang said.
Therefore, if S&P raised the Indonesian rating to investment grade, more investment are expected to come to the country.
Investors would have no more doubt in doing business in the country, he said.
"If we have the rating of investment grade , more investment would flow into the country," he said.(*)